The U.S. Securities and Exchange Commission has published a response letter addressing a January 9 submission from Ripple related to digital asset market structure.
Procedural engagement continues on crypto market structure
The letter, dated January 26 and authored by Teresa Goody Guillén, was published by the SEC as part of its ongoing public materials addressing digital asset market structure. The response follows Ripple’s January 9 submission and forms part of the agency’s broader effort to compile written input on how securities law frameworks may apply in crypto markets.
SEC cautions against single-factor frameworks in digital asset analysis
In the response, Guillén addresses Ripple’s citation of her prior academic work and emphasizes that no single factor should be determinative in assessing how securities law may apply in the digital asset context.
The letter discusses the concept of “passive economic interest” and cautions against treating it alone as a standalone basis for legal analysis.
Supporting materials reflect broader policy workstream
The SEC posting includes supporting attachments and discussion drafts related to evolving approaches to digital asset market structure. The documents are presented as discussion inputs rather than formal Commission rules or enforcement actions.
Regulatory context
The publication sits within the SEC’s broader consultation and policy development process on oversight frameworks for digital asset markets.
