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. UTC
Updated Sep 14, 2021 at 10:56 a.m. UTC

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.
The Festival for the Decentralized World
Thursday - Sunday, June 9-12, 2022
Austin, Texas
Save a Seat Now

DISCLOSURE

Please note that our privacy policy, terms of use, cookies, and do not sell my personal information has been updated.

The leader in news and information on cryptocurrency, digital assets and the future of money, CoinDesk is a media outlet that strives for the highest journalistic standards and abides by a strict set of editorial policies. CoinDesk is an independent operating subsidiary of Digital Currency Group, which invests in cryptocurrencies and blockchain startups. As part of their compensation, certain CoinDesk employees, including editorial employees, may receive exposure to DCG equity in the form of stock appreciation rights, which vest over a multi-year period. CoinDesk journalists are not allowed to purchase stock outright in DCG.

Trending

1
Bitcoin Rises to $30K; Resistance at $35K

BTC is on track to register a positive momentum signal on the daily chart.

BTC is on track to register a positive momentum signal on the daily chart.

2
What Web 3 Means to Andreessen Horowitz

And what the "State of Crypto" report means for you.

And what the "State of Crypto" report means for you.

3
Nansen Acquires DeFi Portfolio Tracker Ape Board for More Than $10M

Nansen plans to combine its analytics with Ape Board's portfolio tracking to make the "definitive information super app of Web 3."

Nansen plans to combine its analytics with Ape Board's portfolio tracking to make the "definitive information super app of Web 3."

4
Terraform's Legal Team Quits Amid Terra Stablecoin Fallout

Marc Goldich, Lawrence Florio and Noah Axler left the Terra ecosystem backer in May, according to their LinkedIn profiles.

Marc Goldich, Lawrence Florio and Noah Axler left the Terra ecosystem backer in May, according to their LinkedIn profiles.