Ripple backs SEC crypto rule after $150M legal fight, seeks key changes
crypto.newsOlivia Stephanie
Ripple has urged the U.S. Securities and Exchange Commission (SEC) to adopt its proposed Regulation Crypto Assets, arguing that clearer rules could prevent cryptocurrency companies from facing costly legal disputes over whether their tokens fall under securities laws. Ripple filed a 20-page comment letter on October 20 supporting the SEC's proposed Regulation Crypto Assets. The company argues that an investment contract can be a security without making the associated cryptocurrency a security itself. Ripple wants the SEC to judge when investment contracts end using an issuer's promises, not a general decentralization test. The filing seeks additional clarity on Form TR filings, federal securities classifications and secondary-market transactions. Ripple says its previous legal fight with the SEC cost more than $150 million.
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