Ripple CLO to Congress: Don’t Classify All Crypto as Securities Indefinitely
Main Idea
Ripple's Chief Legal Officer urges Congress to avoid classifying all cryptocurrencies as securities indefinitely, advocating for clear federal crypto rules to attract investment and prevent regulatory overreach.
Key Points
1. Clear federal crypto rules are seen as key to attracting major investment to the US.
2. Ripple's CLO warns against the SEC's broad definition of 'ancillary assets', which could place all tokens under SEC jurisdiction indefinitely.
3. Ripple proposes a 'safe harbor' rule where cryptocurrencies traded on open networks should no longer be classified as securities.
4. A well-defined crypto market structure could significantly boost the industry and lay the groundwork for the next major bull market.
5. The push for regulatory clarity aligns with promises from the 2024 campaign and aims to avoid a confusing patchwork of state-level rules.
Description
Ripple warns the Senate’s crypto bill could trap digital assets as securities indefinitely. The company is pushing for a 5-year “safe harbor” rule to let tokens become commodities. Clear federal crypto rules are seen as key to attracting major investment to the US. Ripple Labs’ Chief Legal Officer, Stuart Alderoty, has submitted a formal response to the U.S. Senate Committee on Banking, Housing, and Urban Affairs regarding its proposed digital asset market structure. This comes as the committee,...
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