Quick overview

Live XRP/USD Chart

---

Ripple cautioned that the proposed law on the structure of the cryptocurrency market may strengthen SEC power and leave the digital asset sector with long-term regulatory uncertainty.

Stuart Alderoty, the chief legal officer at Ripple, wrote to Senate Banking Committee Chairman Tim Scott on August 5th, arguing that the bill did not deliver on its promises of clarity, particularly about SEC jurisdiction, token classification, and the handling of established digital assets such as XRP.

“We appreciate the chance to reply to your request for information, @BankingGOP. With more than ten years of experience collaborating with regulators worldwide—and valuable insights gained from our battle with the SEC—Ripple is excited about the opportunity to contribute our distinct viewpoint as Congress moves forward with legislation that safeguards consumers and fosters innovation in the cryptocurrency space.”

The business maintained that established tokens that function on open networks, such as ETH, SOL, and XRP, shouldn’t be subject to ongoing SEC scrutiny when buying.

The response suggested that tokens that have been freely traded on permissionless networks for five or more years be presumptively excluded from securities regulation, along with advocating for federal preemption of specific state laws to guarantee regulatory uniformity across the country.

XRP, however, fell 3.56 percent on Wednesday and is still trading below $2.92 as of this writing.