Ripple Supports SEC Crypto Asset Rule Proposal and Submits Comment Letter

Odaily reports: Stuart Alderoty posted on X platform that Ripple has submitted a comment letter on the U.S. SEC's proposed crypto asset regulatory rule, Regulation Crypto Assets, and expressed support for the proposal, stating 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, under which it is the investment contract rather than the token itself that constitutes a security. Alderoty also stated that Ripple has spent over $150 million to clarify the relevant rules.