Not everyone is turning their backs on XRP, the embattled asset associated with San Francisco-based Ripple Labs.
- Japan-based financial services company SBI Holdings released a statement Monday saying under Japanese law XRP is a "cryptocurrency asset."
- The statement arrives after the U.S. Securities and Exchange Commission last week sued Ripple Labs claiming it made a $1.3 billion profit selling XRP to retail investors while failing to register the cryptocurrency as a security in the U.S.
- SBI referenced a research article by Sadakazu Osaki of the Nomura Research Institute indicating under Japanese law XRP is a "cryptocurrency asset" and it is not a security in Japan.
- CoinDesk reported in October Ripple intended to invest in SBI's MoneyTap blockchain-based payments subsidiary, which planned to used the RippleNet technology to lower Japanese transfer costs.
- Many cryptocurrency companies are backing away from XRP around the world, including Bitwise in the United States, Bitstamp in Europe and Hong Kong trading platform OSL.
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