Ripple urged the US Securities and Exchange Commission to finalize proposed digital asset rules on October 20, following a legal battle in which the firm spent more than $150 million seeking regulatory clarity.

Chief Legal Officer Stuart Alderoty confirmed the submission backs the agency’s proposed Regulation Crypto Assets framework, arguing that years of case-by-case enforcement have pushed domestic innovation overseas.

The SEC introduced the framework in August, outlining clear boundaries to help crypto companies understand their obligations without facing protracted court challenges.

The SEC proposal introduces exemptions designed to let qualifying digital asset issuers raise capital without full public registration. Startups could raise up to $5 million over four years under one provision, while a separate exemption permits up to $75 million within a 12-month window under stricter financial disclosures.

A critical piece of the draft creates a safe harbour that releases a token from investment contract rules once an issuer satisfies its original network commitments.

Ripple Chief Legal Officer Stuart Alderoty argued the agency possesses full authority to implement the framework. Under the standard Howey test, regulatory scrutiny should evaluate specific issuer promises rather than treating secondary token sales or decentralization metrics as automatic triggers for securities status.

Ripple joined a broader coalition of blockchain foundations that submitted recommendations before the comment window closed. A joint filing by Chainlink, Hedera, Stellar, Aptos, Avalanche and Cardano urged the commission to explicitly define digital commodities within the formal rule text.

The push reflects widespread industry fatigue with retroactive enforcement. Ripple spent more than $150 million in legal fees battling the SEC, a figure few smaller Web3 startups can survive.

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