Japan's FSA Says XRP Not a Security: Report
The regulator's stance contrasts with that of the U.S. Securities and Exchange Commission.
Jan 13, 2021 at 9:56 p.m. UTCUpdated Aug 18, 2021 at 10:51 a.m. UTC
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The top securities watchdog in Japan told The Block Wednesday that it does not consider XRP to be a security, siding against its U.S. counterpart in the debate roiling the token's issuer, Ripple Labs.
STORY CONTINUES BELOW
- The Financial Services Agency said XRP does not meet the definition of a security under Japanese law, The Block reported.
- While FSA's opinion has no bearing on the U.S. Securities and Exchange Commission's current litigation against Ripple Labs, it highlights the lack of consensus on XRP's status among securities regulators.
- Japanese financial company SBI Holdings has previously asserted that XRP is a crypto-asset under Japanese law. SBI is a strong supporter of Ripple and the XRP ecosystem.
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