President and CEO of SBI Holdings, Yoshitaka Kitao, has taken to Twitter to share another <a href="https://twitter.com/yoshitaka_kitao/status/1343464161498464261" target="_blank" rel="nofollow noopener">statement</a> released by the SBI Group in response to SEC’s lawsuit against Ripple. As per the release, XRP is a crypto asset and not a security under the Japanese Funds Settlement Law. SBI is a major Ripple partner and investor from Japan that intends to continue trading XRP as a crypto asset.
<h2>XRP is a Crypto Asset and Not a Security Under Japan’s Law</h2>
CEO Yoshitaka Kitao remains optimistic that <a href="https://www.cryptoknowmics.com/news/joseph-grundfest-says-ripple-lawsuit-will-cause-negative-consequences-to-third-parties/" target="_blank" rel="noopener">Ripple</a> will be successful in challenging any lawsuit by the SEC. He also made sure that <a href="https://www.cryptoknowmics.com/news/sbi-ripple-asia-starts-introducing-odl-solution-in-asia/" target="_blank" rel="noopener">SBI Group</a> will continue to remain a steadfast partner to Ripple as they take up for Asia domination.

https://twitter.com/yoshitaka_kitao/status/1343464161498464261

The statement release further cites an article by an author from the Nomura Research Institute, stating that under the Japanese Funds Settlement Law, <a href="https://www.cryptoknowmics.com/news/three-exchanges-stops-xrp-trading-after-sec-filed-against-ripple/" target="_blank" rel="noopener">XRP</a> is a cryptocurrency asset and not a security, unlike SEC’s claims in the United States.

The document also highlights that SBI does not invest in XRP directly, but rather invests in the shares of Ripple. However, it does purchase XRP from Ripple to cover the needs of traders at the SBI VC Trade exchange owned by the SBI Group. Hence, the statement assures that XRP’s downwards valuation will have no impact on the results of SBI's business.
<h2>SBI Holdings to Continue Its Support to Ripple
</h2>
The document further reminds of multiple financial institutions in Asia and Europe considering to use Ripple's technology for remittances. Even without the use of XRP, this will substantially decrease the transfer fees. SBI thus intends to continue its support to Ripple in its <a href="https://www.cryptoknowmics.com/news/sbi-holdings-confirms-ripples-plan-to-relocate-in-japan/" target="_blank" rel="noopener">expansion</a> outside the U.S. particularly in Japan.

Due to growing demand and a lack of understanding with the U.S. government, Ripple had previously looked towards moving from the U.S. to move to a crypto-friendly jurisdiction.

Japan's SBI Group Says XRP Is a Crypto Asset and Not a Security

President and CEO of SBI Group, Yoshitaka Kitao, says XRP is a crypto asset and not a security under the Japanese Funds Settlement Law.

Jafrin is a cryptocurrency journalist/researcher fascinated by the world of decentralization. She is hopeful towards blockchain’s innovation and its potential to reshape the world for good. Currently, she is bringing out the best of cryptosphere via covering the latest ins and outs of the blockchain space.

Japan's SBI Group Says XRP Is a Crypto Asset and Not a Security

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