Japan Rallies Behind XRP as Ripple Faces US Litigation

<div id="node-4" class="article-pharagraph"><p class="text">“XRP was probably the single most popular token or cryptocurrency in Japan. It was also backed by SBI. It invested in Ripple,” Mike Kayamori, founder and chief executive officer of crypto trading platform <a href="https://www.liquid.com/" target="_blank" rel="noopener noreferrer">Liquid Global</a>, told CoinDesk.</p></div><div id="node-5" class="article-pharagraph"><p class="text">Now, Japan’s <a href="https://bitflyer.com/pub/20191202-handling-xrp-and-launch-campaign-en.pdf" target="_blank" rel="noopener noreferrer">love</a> for XRP is being tested after the U.S. Securities Exchange Commission (SEC) <a href="https://www.coindesk.com/sec-sues-ripple-over-7-year-1-3b-ongoing-xrp-sale">filed suit</a> against Ripple Labs in December 2020. The <a href="https://www.sec.gov/litigation/complaints/2020/comp-pr2020-338.pdf" target="_blank" rel="noopener noreferrer">complaint</a> accuses the firm of violating U.S. securities law, arguing that Ripple failed to register XRP as a security or seek an exemption before the company began selling it seven years ago.&nbsp;</p></div><div id="node-6" class="article-pharagraph"><p class="text">Japan considers XRP to be a cryptocurrency, but this has no bearing on the SEC’s allegation that Ripple sold XRP in unregistered securities transactions. Likewise, the U.S. classification of the cryptocurrency isn’t likely to impact how Japan treats XRP.</p></div><div id="node-8" class="article-pharagraph"><p class="text">Following the filing, a <a href="https://www.coindesk.com/binance-us-says-it-will-delist-xrp-on-jan-13">string</a> of prominent crypto exchanges, including <a href="https://www.coindesk.com/coinbase-suspends-xrp-trading">Coinbase</a> and Binance, announced they will delist or suspend XRP from their U.S. platforms.&nbsp;</p></div><div id="node-9" class="article-pharagraph"><p class="text">XRP has a strong global fanbase, and a lot of people see this lawsuit as an attack on virtual currencies in general, Kayamori said.</p></div><div id="node-10" class="article-pharagraph"><p class="text">Ripple declined to comment about XRP’s popularity in Japan.</p></div>