According to Mr. Kitao, XRP is not a security and that Japan’s FSA (Financial Services Agency) has already cleared the remittance coin from this category. Mr. Kitao is also optimistic that Ripple will be successful in challenging any lawsuit by the SEC. Furthermore, SBI Holdings will remain a steadfast partner to Ripple as they expand into Asia together.
Mr. Kitao’s statement regarding XRP can be found below.
Japan’s FSA has already made it clear that XRP is not a security. I’m optimistic that Ripple will prevail in the final ruling in the US. SBI Holdings remains a steadfast partner to Ripple, and looks forward to expanding together in Asia.
The US Government Will ‘Not Kill its Domestic Golden Goose’
In today’s market analysis, the founder of Messari, Ryan Selkis, also chimed in on the discussion regarding the pending lawsuit against Ripple. According to Mr. Selkis, the US Government will not destroy a local company that would generate tax revenue. He explained this as follows.
…ultimately the USG [US Government] won’t kill a domestic golden goose. The US will soon be “on the take” as well. Fine Ripple, extract. Tax future Ripple XRP sales, extract. Keep Ripple funding California! Ripple will settle and get more aggressive in marketing.
Ripple Winning Will Set New Precedents
In his concluding remarks, Mr. Selkis was optimistic that Ripple will ultimately win the lawsuit due to the latter having a good legal team. Additionally, Ripple winning will set new precedents that will push crypto regulation forward in the United States.
First of all, the USG is going to lose. I don’t even need to read the complaint. They might force a settlement, but they’re outclassed on legal. Remember, Ripple engaged former SEC Chair Mary Jo White in a civil matter in 2018. A hint of their $$$.
…the Howey test is broken; Ripple can set new precedents. Ripple has credible claims XRP is being used as a bridge asset today.