xrp crypto news

XRP to Resume Trading on Japanese Exchange, Ripple-SEC War Continues

XRP to Resume Trading on Japanese Exchange, Ripple-SEC War Continues
Written by publisher team

Source: Adobe / piter2121

ripple Make a major coup in Japan – a country where it is one of the most popular altcoins – with the e-commerce giant RakutenThe exchange announced that it will resume trading XRP tokens.

In an official statement, Rakuten محفظة wallet It has stated that it will start trading XRP on September 8th. The company “temporarily” suspended XRP trading on Christmas Eve last year citing liquidity concerns likely linked to the US Securities and Exchange Commission (SEC) Legal battle with Ripple.

The Securities and Exchange Commission alleges that Ripple executives have sold XRP as unregistered securities, even though Japanese regulators have previously stated that the token is “not a security” in their estimation.

However, less than a year after Rakuten Wallet temporarily “suspended” XRP services, the company decided that “liquidity could be secured” and that it could guarantee “steady price delivery” to its XRP clients.

The company went on to add a warning about fluctuations in the crypto market and advised users to “understand the risks before using” its service.

XRP’s popularity has always been high in Japan, thanks in large part to Ripple’s partnership with the local banking, cryptocurrency and securities giant. SBI One of Rakuten’s biggest competitors in the crypto sector.

As recently as June 2020, the coin ranked second after Bitcoin (BTC) in token popularity on Twitter vote made by Line-He runs Bitmax exchange. Of the 1,498 participants, 26% said BTC was the currency they liked the most, with 25% choosing XRP. Ethereum (ETH) came in third with 9%.

However, a number of Japanese exchanges quickly followed suit with a host of international exchanges scrapping XRP after the Securities and Exchange Commission began its legal battle with Ripple executives in the US.

That legal war is still going on. But after winning a string of minor wins in recent months, Ripple has suffered a setback. The Securities and Exchange Commission has been pushing for a proposal that would force executives to hand over access to dozens of Slack messages sent by company employees.

The defendants had hoped to minimize the delivery of Slack’s messages.

But for every The legal firm representing a group of XRP holders trying to enter the legal battlefield told Ripple that it is “producing more Slack messages from a broader group of custodians.” About 22 Ripple employees or former employees are included in this group. Ripple has traditionally used the Slack platform for most of its internal communications.

The Securities and Exchange Commission has called for an “emergency conference” on the matter.

But Ripple might respond with a question that could strike at the heart of the Securities and Exchange Commission’s decision-making process. the Hogan and Hogan Partner Jeremy Hogan notes that Ripple’s proposal could force the regulator to determine its position on other major digital currencies – including ETH.

At 13:57 UTC, XRP is trading at $1.28 which is down less than 1% on the day, trimming its weekly gain to less than 17%. The price is up 78% in a month.


Learn more:
Ripple spurs “tremendous” growth in Asia after Japanese remittance deal
Ripple goes for mergers and acquisitions in Asia amid US legal battle

Japanese Business Giants Ready NFT, Blockchain Development Moves
Giant Rakuten allows customers to top up their electronic payment accounts with BTC, ETH and BCH

SEC request for Slack messages is ‘too stressful’, says Ripple
Saudi Electricity Company requests “terabytes” of Slack messages for Ripple employees

– Ripple asks court to dismiss SEC case after commissioners’ letter
Compromise is the most likely outcome in the Ripple vs. SEC – Lawyer

About the author

publisher team