- Financial services giant SBI Group, the top Ripple partner in Japan, shared its opinion on Ripple’s situation after the lawsuit filed by the SEC. The press release was shared by SBI Group CEO Yoshitaka Kitao.
- Ninety percent of Ripple customers are outside the US: SBI
- SEC issues official complaint against Ripple
Ninety percent of Ripple customers are outside the US: SBI
SBI released a press release in which it shared the implications of the SEC’s lawsuit against Ripple.
They believe the impact on the business of the company will be small. The total investment volume of SBI in Ripple is 8.76 percent.
Ninety percent of Ripple customers are located outside of the US. In addition, eighty percent of the volume of financial transactions handled by Ripple is made outside the US.
Based on this and several other criteria, SBI thinks that the current problem between Ripple and the US regulator will not have severe consequences for its business.
SEC issues official complaint against Ripple
US regulator SEC accused fintech sevi Ripple of selling unrecorded securities (XRP) to institutional investors for an eight-year period without any restrictions.
Current Ripple CEO Garlinghouse and former president Chris Larsen are also defendants in this case.
In the official complaint against Ripple by the SEC, the regulator stated that Chris Larsen was aware of the risks of classifying XRP as a security and was told that he should contact the SEC to clarify this issue immediately after Ripple was established.