1/ Today Ripple filed its comment letter on the SEC’s proposed Regulation Crypto Assets. We support the proposal, and the SEC has clear authority to adopt it. 2/ Years of “case by case, coin by coin” enforcement has pushed innovation offshore. We need holistic rules for digital assets. 3/ The proposal stays faithful to Howey. The investment contract is the security, not the token. What matters is what an issuer actually promised and when those promises end, not a subjective “decentralization” test. 4/ We know the cost of ambiguity firsthand. Ripple spent more than $150 million to get clarity. No company should have to do that to learn what the law requires. 5/ Clear rules grounded in existing law will bring capital, investor protection and innovation to the U.S. Read our full letter: https://ripple.com/reports/ripple-comment-letter-on-sec-reg-proposed-crypto-rule.pdf