⚖️ Ripple weighs in with the SEC: The token itself isn’t a security—“promises” are
The SEC’s comment period on its proposed Regulation Crypto Assets just closed, and everyone submitted their letters on the final day.
In its October 20 comment letter, Ripple strongly supported the proposal. Its core argument is simple:
🔹 What constitutes a security is an “investment contract,” not the token itself.
🔹 Once an issuer has fulfilled its promises and no longer has ongoing commitments, the token shouldn’t continue to be treated as a security.
The proposal also includes several fundraising exemptions, such as a $5 million cap over four years for startups and a $75 million cap over 12 months. The goal is to replace enforcement-driven regulation—where each case is handled and penalized individually—with a predictable set of rules.
My take: If this approach makes it into the final rules, the biggest impact won’t be on BTC, but on altcoins whose “project teams once promised a roadmap.” Going forward, assessing a token’s compliance risk may come down to two things: whether the project team is still making promises, and whether the token is genuinely decentralized.
One caveat: This is still just a proposal and a call for comments. The final wording and effective date haven’t been decided, so don’t mistake a “letter of support” for something that’s already in effect and rush in.
Do you think the standard “once the promises end, it’s no longer a security” protects retail investors—or gives project teams a loophole?
#Ripple #SEC #加密监管 #XRP
The SEC’s comment period on its proposed Regulation Crypto Assets just closed, and everyone submitted their letters on the final day.
In its October 20 comment letter, Ripple strongly supported the proposal. Its core argument is simple:
🔹 What constitutes a security is an “investment contract,” not the token itself.
🔹 Once an issuer has fulfilled its promises and no longer has ongoing commitments, the token shouldn’t continue to be treated as a security.
The proposal also includes several fundraising exemptions, such as a $5 million cap over four years for startups and a $75 million cap over 12 months. The goal is to replace enforcement-driven regulation—where each case is handled and penalized individually—with a predictable set of rules.
My take: If this approach makes it into the final rules, the biggest impact won’t be on BTC, but on altcoins whose “project teams once promised a roadmap.” Going forward, assessing a token’s compliance risk may come down to two things: whether the project team is still making promises, and whether the token is genuinely decentralized.
One caveat: This is still just a proposal and a call for comments. The final wording and effective date haven’t been decided, so don’t mistake a “letter of support” for something that’s already in effect and rush in.
Do you think the standard “once the promises end, it’s no longer a security” protects retail investors—or gives project teams a loophole?
#Ripple #SEC #加密监管 #XRP