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Stuart Alderoty, Chief Legal Officer of Ripple, stated that Ripple has submitted an opinion letter to the US SEC in support of its proposed cryptocurrency regulatory rules and believes that the SEC has clear authority to adopt the rules. Stuart Alderoty pointed out that the industry needs comprehensive rules for digital assets, and this proposal is faithful to the Howey test, which states that investment contracts, rather than tokens themselves, constitute securities. Ripple has spent over $150 million to clarify the relevant rules.