Following their triumph in the XRP legal battle, Ripple is prompting the SEC to withdraw its forceful oversight of cryptocurrency and “revert to its origins,” fundamentally instructing them to cease suppressing the sector.
In a correspondence directed to Commissioner Hester Peirce and the SEC’s recently established cryptocurrency working group, Ripple asserted that the organization has “traditionally solely generated uncertainty,” denouncing their directives as protracted, unintelligible, and predicated on unprecedented criteria lacking a legitimate foundation.
Ripple’s correspondence implores the SEC to forsake its enforcement-centric strategy and instead furnish explicit, principle-driven counsel. They lauded the agency’s contemporary declarations elucidating that specific mining endeavors and meme tokens do not come within the purview of securities regulations, pressing the working group to employ these as archetypes for forthcoming advancement.
The correspondence contends that token disbursements absent contractual duties, decentralized network operations, and staking compensations from permissionless conventions should not be subject to the SEC’s authority.
Ripple additionally restated its backing for Commissioner Peirce’s “safe harbor” proposition, notably for initial coin offerings (ICOs). This proposition would afford cryptocurrency ventures a moratorium to decentralize and mature prior to being governed by securities statutes.
The prior week, the SEC relinquished its protracted legal action against Ripple, with the corporation contending that the majority of digital assets do not fall under the SEC’s judicial competence.
CEO Brad Garlinghouse unveiled the SEC’s resolution to abandon the entreaty, deeming it “the juncture we’ve been anticipating.” The submission synchronized with the working group’s inaugural open discussion, concluding a momentous week for Ripple.
This represents a significant victory for Ripple, and honestly, for the complete digital currency sector,” Garlinghouse stated in a video shared on X. Shiba Inu Flashes First Notable Bullish Signal After Weeks of Downward Pressure
Since assuming his position, the SEC has dismissed or temporarily suspended comparable legal actions against Coinbase, Robinhood, and Kraken.
The conclusion of Ripple’s judicial dispute aligns with a wider strategic adjustment under President Trump, who has committed to establishing the United States as the “leading digital currency hub globally.”
Ripple’s Principal Legal Officer, Stuart Alderoty, mentioned that the judgment “establishes a standard for the digital currency field within the country.”
Kyle Baird serves as the weekend editor for DL News. Have a suggestion? Contact him via email at [email protected].
