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NewsRipple (XRP)

Mike Kayamori Asserts That SEC’s Lawsuit Against Ripple Would Affect Other Firms

Unlike the US-based crypto firms, the global community is very open concerning their displeasure with SEC’s Lawsuit against Ripple. The fintech firm presently suffers significant losses with XRP delisting on several platforms and the recent Grayscale dumping. The firm had once announced that it is proudly an American firm, but its biggest market is outside the country. Countries like Japan readily adopted the cryptocurrency, mostly because of its flexibility and usability.

Ever since SBI holdings offered XRP investment, the asset became very popular within the region within a short time. The region’s familiarity with the token makes it defensive against the US regulatory body’s attack on XRPs. The agency explained that Ripple’s failure to register XRP as a security necessitated the suit. The firm’s executives will appear in court next year concerning the lawsuit, and many hope that they would win the case.

Kayamori reveals that XRPs are very popular in Japan

The Liquid global CEO revealed that XRPs are very popular in Japan, mainly because SBI holdings supported its use after their partnership. SBI holdings helps people make investments in Japan, and because people trusted the platform, it was easy for them to invest in XRPs.

US regulatory is now stirring some controversies for XRPs globally because the asset’s delisting could hurt it in the long run. Fortunately, the Asian government sees the crypto as mainly a cryptocurrency and not a security. US’s action did not influence any action because the cryptocurrency remains one of Japan’s favorites.

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Several firms have disassociated themselves from the fintech’s failure to register the token some years ago. Exchanges delisted the token from their platform to prevent being taken as an accomplice in the unregistered securities sales. Recently, Kraken announced that it delisted the asset for the American market alone and that other countries could trade and buy the currency anytime they wanted.

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The prominent exchange announced the lenient love after several other platforms delisted the token long before. Another factor that could cause a price decline is the sell-offs from Grayscale, which announced its sell-off plans to buy other digital assets.

The suit is an attack on virtual currencies, according to Liquid global’s CEO

The digital asset’s team had once declared the SEC lawsuit as an attack against the crypto community. A similar talk is coming into space as Mike Kayamori opines that it’s an attack against another digital asset.

The founder explainer that the suit is a blow against the community and has shown how vulnerable other firms are against such legislation. From Kayamori’s statement, it means that other crypto-related firms could face similar problems sometime in the future.

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The country’s citizens assert that XRPs are still easily traded in Japan, but the US lawsuit affects its global outlook. The lawsuit devalued the asset, thereby causing money loss, which several.XRP investors now face daily. Some traders in Japan are continually selling their holdings to prevent a complete loss on their part because the digital asset’s value keeps dropping every day, and the delisting on major platforms is not helping matters.


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Adebayo Owotunse (Nigeria)

Adebayo Owotunse is a versatile writer who has written hundreds of crypto articles for dozens of agencies across the years. He is now also the newest addition to the Tokenhell writers team.

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