By now the entire world is aware of what action the United States’ Securities and Exchange Commission has taken against Ripple (XRP). The company has been alleged by the U.S. SEC for selling its securities to American crypto-traders while covering the deals via its XRP tokens. The SEC claims that the XRP securities have not been registered while Ripple’s CEO states otherwise.
With so much going on between the SEC and XRP legal teams, the country that is affected by this feud the most is Japan. The sudden action taken by the SEC against Ripple has shocked the entire Japanese Investment Community. At present, the majority of the Japanese crypto-investors have their stakes in Ripple (XRP), rather than being in BTC or ETH.
This is the reason why the majority of the investors and huge financial firms have their fingers crossed as to what the outcome would be.
Ever since the news was made official by the SEC taking legal action against Ripple (XRP), crypto-exchanges from all around the world started suspending XRP services from their platforms.
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Although it did affect XRP’s price the major blow was given to it by Coinbase, which is the largest cryptocurrency exchange in the world. Just a few days back, Coinbase announced that it will be suspending XRP’s deposit and trading services from its platform. The exchange expressed that it had to take this step in order to maintain its market health metrics.
However, following the suspension of XRP from numerous crypto-exchanges, investors from all over Japan have started expressing their views and thoughts. One of the investors stated that he invested in XRP because he could see how much the crypto-asset had been adopted all across Japan.
He stated that XRP has a high adoption rate when it comes to different remittance solutions. He also stated that he trusted the currency because the largest Japanese regulator ‘Financial Services Agency – FSA’ trusted it. He stated that XRP is a very big investment product in Japan and many big-time investors have their stakes in it.
Therefore, he hopes that the decision goes in XRP’s favor and the digital-asset prevails as an authentic currency.
Even one of the largest Financial Investment Agencies in Japan seems to be in a state of shock following the recent allegations made by the SEC. Since the beginning of the year 2020, the SBI Group (a major financial investment agency), has made enormous investments in XRP.
It was back in May 2020, when SBI Group partnered with XRP in order to introduce technological advancements in one of its subsidiaries that are known as ‘SBI eSports’. In order to strengthen its ties with XRP, the SBI eSports started paying its e-players in XRP tokens instead of fiat currency.