The top securities watchdog in Japan told The Block Wednesday that it does not consider XRP to be a security, siding against its U.S. counterpart in the debate roiling the token's issuer, Ripple Labs.

The Financial Services Agency said XRP does not meet the definition of a security under Japanese law, The Block reported. While FSA's opinion has no bearing on the U.S. Securities and Exchange Commission's current litigation against Ripple Labs, it highlights the lack of consensus on XRP's status among securities regulators.Japanese financial company SBI Holdings has previously asserted that XRP is a crypto-asset under Japanese law. SBI is a strong supporter of Ripple and the XRP ecosystem.