Ripple calls for SEC to hold the statute and leave the new crypto rules of Congress

11 hours ago

0 17 2 minutes read

Ripple calls for SEC to hold the statute and leave the new crypto rules of Congress

The key are displayed

Ripple argues that the SEC should focus on existing statutes and delays new crypto regulations to Congress.
Ripple criticizes the application of the previous SEC administration of the Hoveke test as distorted and complex.

Ripple called SEC to hold on to hold existing statutes and that Congress establishes new legal frameworks for crypto. According to the company, the regulator should focus on preventive for fraud, but established laws and leave the definitions of a market structure to the legislature.

“Congress is actively considering the market structure and legislation of Stablecoin. The role of policy makers is the establishment of new legal standards governing the cropto funds”, according to 21. March letter by the time.

Ripple claimed that the SEC organ was limited to securities as defined by existing statutes and must not be extended unilaterally.

“How does the CRIPTO working group be identified, SEC should return to the first principles and, within the existing market, which has been absent directly,” in the letter is absent to return to the first principles in his letter.

“Agencies have only those powers that Congress gave them legislation is generally not an open book to which the agency can add pages and change the plot line”, a company added.

The company praised the recent Mecca’s statement on coins for memes as a model approach, noting his clear articulation on the existing law that Meme Coins belong outside the federal laws on securities and sexual sequences.

The Commissioner for Articles Hester Peirce also said in February interview with Bloomberg crypt that many Meme coins are probably out SEC is a regulatory range.

Ripple criticized the application of the Second Second Administration at the Hea Heip test, claiming that “weapons” and “distorted” was expanding SEC jurisdiction.

The company pointed out several issues with the last interpretation of the SEC, including how “speculation” was improperly substituted for “investments” and how decentralization has become a concept for property “magic morph from security status on insecurity and again.”

Ripple emphasized the need for a child to adhere to the original intention of testing Hovek and existing securities laws – an executive agreement in which one foreign investment and other promises efforts and one promises profit efforts. Without that, token sales is not security.

For arrangements that create a yield, Riple claimed that the return of algorithmic protocols outside the control of either side should not be considered securities, because they are basically different from profits.

The company also expressed support for regulatory proposals for Sands Peirce, but suggested that they should be implemented only after the Congress determines the clear structure of the market and delegation of the regulatory structure.

The Ripple letter is part of the current dialogue between the crypto industry and a second, especially the CRIPTO working group.

Regulators gather the perspectives of players in the industry on how to regulate digital property. Far, representatives from numerous entities, such as coins, NASDAK, A16Z and Robbhood, filed a written entry into the sec.

The ripplen letter comes after the entire Brad Garlinghouse declared Wednesdays to be a moment Withdrawal of her implementation offer Against the company, which ended the long-term legal battle that caused approximately $ 15 billion losses for KSRP owners.