Ripple submits comment letter on SEC's proposed crypto asset rules, expresses support

PANews October 21 news: Ripple Chief Legal Officer Stuart Alderoty posted on the X platform that Ripple has submitted a comment letter on the U.S. SEC's proposed crypto asset regulatory rules (Regulation Crypto Assets), expressing support for the proposal and believing that the SEC has clear authority to adopt the rule. Alderoty said that for years the "case-by-case, coin-by-coin" enforcement approach has pushed innovation overseas, and the industry needs holistic rules for digital assets; the proposal is faithful to the Howey test, and it is the investment contract, not the token itself, that constitutes a security. He also said that Ripple has spent more than $150 million to clarify the relevant rules.