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Ripple Files Comment on SEC Crypto Rules
Ripple filed a comment letter on the SEC's crypto asset proposal, supporting it and calling for holistic digital-asset rules.
Key points
- Ripple filed its comment letter on the SEC's proposed Regulation Crypto Assets, saying it supports the proposal.
- Ripple said it spent more than $150 million to get clarity.
- An SEC spokesperson told @EleanorTerrett the Commission will continue accepting public comments on rule proposals after the comment period closes.
- The proposal would create new fundraising exemptions for crypto issuers raising capital in the U.S.
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Original post
1/ Today Ripple filed its comment letter on the SEC’s proposed Regulation Crypto Assets. We support the proposal, and the SEC has clear authority to adopt it.
2/ Years of “case by case, coin by coin” enforcement has pushed innovation offshore. We need holistic rules for digital assets.
3/ The proposal stays faithful to Howey. The investment contract is the security, not the token. What matters is what an issuer actually promised and when those promises end, not a subjective “decentralization” test.
4/ We know the cost of ambiguity firsthand. Ripple spent more than $150 million to get clarity. No company should have to do that to learn what the law requires.
5/ Clear rules grounded in existing law will bring capital, investor protection and innovation to the U.S.
Read our full letter: https://t.co/hOCJJwUo7Z
What others are saying
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Ripple backed the SEC's Reg Crypto proposal in a comment letter, saying the investment contract, not the token, is the security.
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From @stevefnumber2, @guinnessstache and others. Spam removed, with English and Chinese translations.
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