SEC Crypto Rule Draws Ripple Support and Public Citizen Opposition

Ripple backed the SEC’s proposed Regulation Crypto Assets framework in a comment filed Oct. 20. The filings present opposing views as the SEC considers how the framework should treat crypto-related investment contracts and offerings. Ripple argued that an investment contract involving a crypto asset can be a security without making the asset itself a security. Its position applies the Howey test to the investment contract rather than treating the asset alone as the security. The proposal includes exemptions for offerings of up to $5 million over four years and $75 million in each 12-month period. The Stellar Development Foundation separately endorsed a coalition request to include the SEC’s digital commodity treatment in the rule text.

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