According to CoinMeta, Ripple Chief Legal Officer Stuart Alderoty stated that Ripple has submitted a letter of opinion to the US SEC, supporting its proposed regulations for crypto assets, and believes that the US SEC has the clear authority to adopt these regulations. He pointed out that the industry needs comprehensive rules for digital assets, and that this proposal is in line with Howey tests, as what constitutes a security is the investment contract, not the token itself. Ripple has spent over $150 million in clarifying the relevant regulations.