Ripple Challenges SEC: Crypto Regulation Debate

Ripple Urges SEC to Adhere to Existing Statutes for Crypto Regulation

• Ripple calls on the SEC to focus on current laws and allow Congress to create new crypto regulations.
• The company criticizes the previous SEC administration’s use of the Howey test as distorted.
• Ripple emphasizes that the SEC should not expand its authority beyond securities defined by existing statutes.
• The firm supports Commissioner Hester Peirce’s regulatory sandbox proposals, contingent on Congressional action.
• CEO Brad Garlinghouse announced the end of a legal battle with the SEC, which had resulted in $15 billion losses for XRP holders.

Ripple has urged the SEC to rely on existing statutes for crypto regulation and leave new rules to Congress, highlighting issues with past interpretations of the Howey test and advocating for clear legislative frameworks.