XRP Army Rejoices As Ripple CLO Responds to U.S. Senate Banking Committee
Main Idea
Ripple's Chief Legal Officer responded to a U.S. Senate Banking Committee Request for Information, advocating for clearer digital asset regulations and challenging the SEC's broad jurisdiction over tokens like XRP.
Key Points
1. Ripple's CLO, Stuart Alderoty, responded to a Senate Banking Committee RFI, emphasizing the need for a clear regulatory framework for digital assets.
2. Ripple argues that the proposed legislation excessively expands the SEC's authority, potentially subjecting tokens like XRP, ETH, and SOL to indefinite SEC oversight.
3. Ripple proposes that tokens traded for at least five years on open networks should be exempt from securities actions to avoid destabilizing mature markets.
4. The response highlights the importance of legal boundaries to ensure stable and predictable regulations for digital assets like XRP.
5. Ripple's stance is informed by its ongoing legal battle with the SEC and its experience working with regulators globally.
Description
Ripple has formally responded to a Request for Information (RFI) issued by the U.S. Senate Banking Committee regarding proposed legislation to establish a clear regulatory structure for digital assets. In a post on X, Ripple’s Chief Legal Officer, Stuart Alderoty, thanked the Committee for the opportunity, noting Ripple’s global experience with regulators and its insights from its prolonged legal battle with the U.S. Securities and Exchange Commission (SEC). Thank you to @BankingGOP for the oppo...
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