Coinbase is yet to list XRP in its exchange as it awaits the outcome of ongoing regulatory scrutiny that seeks to determine whether the digital asset is a security or not. The Securities and Exchange Commission is yet to make a decision on the matter, amidst growing concerns over the relationship between the cryptocurrency and the company, Ripple Labs.
XRP Regulatory Scrutiny
For the longest time, people have used the name Ripple to refer to XRP despite the two being two different entities. Faced with three lawsuits as well as scrutiny from the SEC, Ripple Company has had to come out and make it clear there is a clear distinction between the two entities.
Coinbase has already listed Ethereum (ETH) and Bitcoin (BTC), the SEC having reiterated that the two are decentralized to the level that does not need additional regulation. Ethereum Classic (ECH) and Bitcoin Cash (BCH) are seen as the next cryptocurrencies that will be added to the exchange.
While the pending decision by SEC as well as the three lawsuits have affected the expansion of Ripple in the U.S, the same cannot be said about the rest of the world. The cryptocurrency has already expanded into Japan thanks to a partnership with SBI that has resulted in SBI Ripple, which is already registered in the island nation.
SBI Virtual Currency that is XRP-centric has also cropped up, as SBI Holdings CEO, Yoshitaka Kitao, remains adamant that it will end up being number one, once the virtual currency platform he steers is released.
?When we do it, it will be number one in the blink of an eye so quickly, so even if a tremendous number of customers come, we can build a system that can bear We have to pursue safety thoroughly,? said Mr., Kitao.
In view of the regulatory standoff in the U.S, Ripple has done a great job in diversifying its operations abroad. It currently has offices in India, Singapore and Luxembourg from where it will be able to operate should offices in the U.S close shop. The company has also signed a partnership with Santander bank which is currently using its Ripple software in 50% of its international transfers providing another layer of protection.