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Ripple Urges SEC to Stick to Statutes and Leave New Crypto Rules to Congress
In a recent letter addressed to the US Securities and Exchange Commission (SEC), Ripple has emphasized the need for regulatory clarity, urging the agency to adhere to existing statutes and refrain from introducing new rules without Congressional guidance.
The company has argued that it is the responsibility of policymakers in Congress, rather than the SEC, to establish new legal frameworks governing cryptocurrencies. This stance aligns with Ripple’s long-standing position on the matter.
Ripple’s letter comes after the SEC announced its intention to withdraw its enforcement bid against the company, bringing an end to a years-long legal battle that resulted in approximately $15 billion in losses for XRP holders.
In its letter, Ripple stressed the importance of regulatory clarity and emphasized the need for the SEC to focus on fraud prevention using existing laws. The company also suggested that any regulatory sandbox proposals be implemented only after Congress establishes clear market structure legislation and regulatory oversight delegations.
Ripple’s CEO Brad Garlinghouse announced the news earlier this week, stating that the SEC is withdrawing its enforcement bid against the company, effectively ending the legal battle.
The development marks a significant turning point in the long-standing dispute between Ripple and the SEC. The conflict began after the regulator launched an investigation into Ripple’s XRP token, citing concerns over its potential classification as a security.
In recent weeks, Ripple has been vocal about its opposition to the SEC’s approach, arguing that it is the responsibility of lawmakers in Congress to establish clear regulatory guidelines for cryptocurrencies.
The company’s stance reflects a broader sentiment within the crypto industry, with many firms advocating for greater clarity and cooperation from regulatory bodies.
Source: https://cryptobriefing.com/ripple-sec-regulations-congress/
