In Japan, XRP “is widely traded in cryptocurrency exchanges” and the Japanese government does not consider it as a security, according to Sadakazu Osaki, an analyst at Nomura Research Institute.
It can be said that the interpretation that it does not fall under ‘securities’ under the Financial Instruments and Exchange Act, which requires the submission of a document, has been established. This point will not be affected by the proceedings between the SEC and Ripple,” wrote Osaki in a report.
SBI Holdings CEO Yoshitaka Kitao stated that Ripple should leave the United States and relocate to Japan so it can survive.
Ripple’s move comes in conjunction with what Brad Garlinghouse called “regulation through enforcement” policy imposed by the SEC.
Ben Zhou, the CEO of cryptocurrency exchange ByBit told Cointelegraph, the “SEC and Ripple will have their day in court with due process of law, so we shall not prejudge the case in the court of public opinion. It is of course likely that the case will take up much of Ripple’s attention and resources. […] We hope a clear precedent and framework emerge from these proceedings.”