XRP is a Crypto Asset in Japan, Not a Security, Ripple Partner SBI Claims by Daniel Cawrey | Dec 28, 2020 | Markets, MoneyTap, News, Nomura Research Institute, Ripple Labs, SBI Holdings, SEC | The SBI Holdings statement refers to a research article by Sadakazu Osaki of the Nomura Research Institute indicating under Japanese law XRP is a "cryptocurrency asset" and not a security.