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Ripple CLO Supports US SEC’s Guidance on Meme Coins: Details
As the U.S. Securities and Exchange Commission (SEC) provides clarification on meme coins, Ripple’s Chief Legal Officer, Deependra Alderoty, has come out in support of the guidance. In a recent submission, he emphasized that if there is no investment in a common enterprise, then there is no investment contract.
Alderoty’s comments align with the SEC’s stance on meme coins, which states that cryptocurrencies lacking an underlying business or economic activity do not constitute securities under the Investment Company Act of 1940. This development marks a significant shift in regulatory policy and has sent shockwaves throughout the crypto industry.
In his submission, Alderoty emphasized that this new understanding of crypto securities terms does not have to be complicated. He highlighted that positive regulatory changes are underway at the SEC, led by Acting Chairman Mark Uyeda.
Over the past week, the regulator has closed investigations and lawsuits into some of the top crypto cases it picked up during the Gary Gensler-led administration. This includes dropping a lawsuit with Coinbase on February 27.
Given these developments, many industry experts have predicted that Ripple’s ongoing lawsuit with the SEC may also be dismissed.
Source: https://u.today/ripple-clo-supports-us-secs-guidance-on-meme-coins-details
