Ripple submitted a comment letter to the U.S. Securities and Exchange Commission supporting its proposed Regulation Crypto Assets, asserting the agency has clear authority to adopt the rules. Chief Legal Officer Stuart Alderoty stated on X that years of "case-by-case, coin-by-coin" enforcement have pushed innovation overseas, arguing the industry needs holistic digital asset regulations instead. Alderoty emphasized the proposal remains faithful to the Howey test, clarifying that what constitutes a security is the investment contract rather than the token itself. Ripple has reportedly spent more than $150 million to clarify relevant regulatory rules.