US EditionFungible Cryptos in Secondary Sales Are Not Securities, Ripple Tells SEC
- Ripple submitted a letter on May 28, 2025, to the U.S. SEC’s Crypto Task Force addressing when fungible cryptos cease to be securities.
- The letter responds to Commissioner Hester Peirce’s recent speech question on when a crypto asset separates from an investment contract.
- Ripple referenced a 2022 legal analysis and the 2023 SEC v. Ripple Labs ruling, which found XRP itself is not inherently a security in secondary trading.
- Ripple proposed a test where a token is separate unless material issuer promises remain unfulfilled and holders have enforceable rights, criticizing vague terms like “sufficient decentralization.”
- Ripple highlighted the importance of basing new regulations on existing legal frameworks to offer clearer direction, safeguard honest participants, and prevent excessive enforcement actions that could stifle innovation.
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Fungible cryptos in secondary sales aren’t securities, Ripple tells SEC
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Crypto secondary sales are not securities: Ripple tells SEC - Invest In Crypto News
Ripple, the blockchain company behind XRP, argued that fungible cryptocurrencies are not securities when transferred in secondary transactions in a recent letter sent to the US Securities and Exchange Commission (SEC). In its May 27 letter, Ripple cited US attorney and crypto law thought leader Lewis Cohen to support its claim. In his widely cited 2022 paper, “The Ineluctable Modality of Securities Law: Why Fungible Crypto Assets Are Not Securit…
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