Ripple proposal for regulation: SEC should only be responsible for digital assets with securities status
- Ripple suggests a change in the responsibility of the SEC: it should only regulate the crypto-assets classified as securities.
- Ripple calls for clear rules for cryptocurrencies and criticizes the previous leadership of the Sec that has brought about a regulatory and legal chaos.
Ripple, a leading blockchain payment service provider, has asked the US stock exchange supervision SEC to give priority to regulatory clarity for the cryptom market. The company emphasized that the previous guidelines of the SEC to crypto-assets were excessively complex, legally vulnerable and unstructured.
Ripple is called up after Hester Peirce, head of the SEC crypto-task force, asked to improve crypto regulation suggestions. Ripple believes that the adoption of a clear, precise regulatory framework would eliminate the long -existing confusion in the industry.
In his proposal to the SEC, Ripple ex-authority chief Gary Gensler criticized because he failed to have clear guidelines for the crypto industry developed. The earlier approach of the SEC was inconsistent, unnecessarily complicated and not adequate legally secured. Ripple even claims that the former SEC administration acted against better knowledge in order to disguise its failure in compliance with the Federal Working Laws.
Ripple recommended the SEC to reflect on their basic responsibility: it should only regulate assets that are legally classified as securities. The company insisted that many digital assets, especially those that do not generate a return or give profit rights, should not be classified as securities. Ripple also emphasized that the SEC should enforce existing laws instead of introducing its own regulations that needed a legal basis, which was not entitled to. Only the US Congress has the authority to issue new financial laws.
The company asked the SEC to respect this authority and to avoid that it exceeds its legal limits again.
SEC legal dispute approaches the final
Ripple’s demand for clarity follows a lengthy legal dispute with the Sec. The conflict stirred from the assertion that Ripple violated the sale of XRP token against securities laws. The SEC recently withdrawn its appeal against Ripple, which indicates that the case is approaching its end. The remaining unresolved problem is Ripple’s counter -complaint, from the legal expert that the company could withdraw it if a favorable agreement is reached with the SEC.
As CNF reported, Ripple has asked the SEC to follow the example of its company financing, which has made it clear that memoins are not securities. The company believes that this uncomplicated approach can give the crypto sector the urgently needed stability. Ripple is of the opinion that regulatory uncertainty slowed down growth and that companies and investors presented challenges in the navigation on the market for digital assets.
Ripple’s recommendations aim to make the regulatory jungle passable by freed from regulatory undergrowth, and ensuring that crypto companies can work in a clear legal framework. By requesting the SEC to pursue a transparent, law -based approach, Ripple hopes to avoid future disputes and create a more predictable environment for the crypto industry.
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