Ripple’s chief legal officer, Stuart Alderoty, submitted a formal response to the U.S. Senate Committee on Banking, Housing, and Urban Affairs on Aug. 5, criticizing the committee’s draft legislation for failing to deliver regulatory certainty for the digital asset industry. In the letter, Alderoty argued that the proposed framework, which attempts to divide jurisdiction between the U.S. Securities and Exchange Commission (SEC) and the Commodity Futures Trading Commission (CFTC), would entrench confusion rather than resolve it. He stated:

The draft creates more ambiguity than clarity for the industry in its attempt to delineate SEC jurisdiction over digital assets.

“It brings most tokens and projects into an SEC-administered gatekeeping and disclosure regime, even when sales or project activity fall outside the SEC’s traditional scope. Additional revisions are required to refine jurisdictional boundaries and achieve a balanced oversight framework,” the Ripple legal chief stressed.

The response raised concerns about the definition of “ancillary assets” and its implication that any token once sold through an investment contract could remain indefinitely under SEC jurisdiction. Alderoty emphasized that such a presumption ignores the current utility and trading conditions of mature assets like ethereum, solana, and XRP, and disregards the economic realities of their use. He warned:

This approach could subject long-established, widely traded tokens operating on open and permissionless networks—including ETH, SOL, and XRP—to perpetual SEC oversight, even when current or future transactions bear none of the hallmarks of a securities offering.

Ripple also strongly opposed continued reliance on the Howey test without congressional constraints, warning that its historical misuse under previous administrations turned it into “a tool of limitless discretion.” He recommended Congress provide specific statutory criteria to avoid further subjective interpretations and to ensure accountability.

Alderoty also advocated for several structural reforms, including a grandfathering exemption for long-traded tokens, statutory limitations on the SEC’s authority to redefine related-party transactions, and clear protections for protocol-level activities like staking and consensus operations. The Ripple chief legal officer called for federal preemption of inconsistent state laws in key areas of digital asset oversight:

Federal legislation should preempt certain state laws to establish national consistency, reduce regulatory fragmentation, and support innovation.

“Preemption is especially critical in areas like market structure, stablecoin issuance, custody standards, and token classification—areas where uniform federal oversight is essential. However, federal legislation should preserve state authority in traditional areas such as consumer protection and fraud enforcement,” he added.

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