On March 22, Ripple's Chief Legal Officer Stuart Alderoty announced that the company had submitted its official response to SEC Commissioner Hester Peirce's request for public input on crypto taxonomy rules.
Ripple's Response to SEC Request
The response addresses the ongoing regulatory uncertainty surrounding digital assets and calls for a return to clear statutory principles. Peirce’s February 21 statement highlighted the need for structured public discourse on the classification of cryptocurrencies.
Criticism of Previous SEC Administration
Alderoty referenced the previous SEC administration’s avoidance of legal standards, creating confusion and an unstable regulatory environment. Ripple criticizes the SEC’s inconsistent stance on cryptocurrency, which has hindered innovation and market stability.
Implications for Ripple-SEC Legal Case
Following Alderoty's announcement, the crypto community anticipates the resolution of Ripple's long-standing legal case with the SEC, as the commission agreed to drop its appeal. This emphasizes the industry's push for transparent crypto policies.
Ripple’s response underscores the need for clear regulatory frameworks to support innovation and protect investors. The company hopes to collaborate with the SEC to develop precise regulations.
