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.
- 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.