SBI CEO Shares XRP Win Against SEC with Japanese Community

Yoshitaka Kitao, SBI CEO, highlights Ripple’s legal triumph against SEC with the Japanese crypto community as the US court cleared XRP security status.

The CEO of SBI Holdings Inc, Yoshitaka Kitao, has spotlighted Ripple’s victory against the US Securities and Exchange Commission (SEC). In a recent tweet, Kitao shared the triumphant news that XRP has been cleared of its alleged security status by the US court with the Japanese crypto community.

XRP is Not a Security: Ripple’s Landmark Victory in SEC Lawsuit https://t.co/83KWeVJzzR

— 北尾吉孝 (@yoshitaka_kitao) July 20, 2023

It is worth mentioning that the SBI CEO has actively supported Ripple in the legal battle, noting that XRP would see massive investments following the lawsuit victory, as The Crypto Basic reported.

Ripple’s Legal Triumph

In the report that Kitao shared, Ripple stated that it has staunchly maintained that the SEC’s lawsuit against it, its CEO, and its chairman was groundless and merely a ploy to impose crypto regulation through intimidation and force.

Throughout the legal battle, Ripple stressed that the core issue was whether XRP, as a digital token, could be deemed an investment contract and consequently considered a security according to the law.

However, on July 13, the court declared that XRP, in its digital form, does not qualify as a security. The ruling profoundly refutes the SEC’s theory that autonomous crypto tokens inherently represent securities and reveals a lack of legal support for such a stance.

Specifically, the court ruled that Ripple’s XRP sales on exchanges, sales by its executives, and distributions to developers, charities, and employees are not securities under the law, as The Crypto Basic reported.

Ripple noted that this landmark decision holds immense significance for its business and the entire US crypto industry, as it signifies the first-ever triumph of the industry against the SEC.

Ripple’s CEO, Brad Garlinghouse, expressed delight at the Court’s decision, viewing it as an unprecedented moment for the company and the broader crypto market. Garlinghouse maintained that Ripple had consistently advocated compliance with the law, confident in being on the right side of the legal and historical spectrum.

We said in Dec 2020 that we were on the right side of the law, and will be on the right side of history. Thankful to everyone who helped us get to today’s decision – one that is for all crypto innovation in the US. More to come.

— Brad Garlinghouse (@bgarlinghouse) July 13, 2023

Similarly, Ripple’s Chief Legal Officer, Stuart Alderoty, expressed that the decision bears critical implications for classifying digital tokens in the United States.

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• Source: https://thecryptobasic.com/2023/07/22/sbi-ceo-shares-xrp-win-against-sec-with-japanese-community/?utm_source=rss&utm_medium=rss&utm_campaign=sbi-ceo-shares-xrp-win-against-sec-with-japanese-community