Ripple has called on the US Securities and Exchange Commission (SEC) to establish clearer standards for determining when a digital asset no longer qualifies as part of an investment contract.
The company submitted a detailed letter to the SEC’s Crypto Assets and Cyber Unit on May 27, expanding on a question raised by Commissioner Hester Peirce in her “New Paradigm” speech.
Understanding crypto securities
In the letter, Ripple argued that most fungible digital assets traded on secondary markets should not be considered securities. It cited legal research suggesting that these tokens lack the ongoing obligations between issuers and buyers that typically define investment contracts.
The firm also referenced the 2023 court ruling in its case, which concluded that XRP was not a security in the secondary market. However, some early institutional sales were deemed investment contracts.
To guide future regulation, Ripple proposed a practical framework. A token should only remain under se
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