CoinVoice has recently learned that Ripple's Chief Legal Officer Stuart Alderoty posted on the X platform, clearly defining the regulatory boundaries of the U.S. Securities and Exchange Commission (SEC). He emphasized three key principles: first, the SEC's regulatory authority is limited to securities transactions, not all asset transactions; second, the regulatory scope cannot be arbitrarily expanded based on the SEC's subjective judgment; third, tokens themselves are never securities, but may only become the objects of securities transactions.
Alderoty explained through an analogy to gold trading: if the sale of gold is accompanied by mining contract rights, it may constitute a securities transaction; but if it is merely a sale of gold, it is completely outside the SEC's regulatory scope. He particularly pointed out that the statement 'tokens can evolve from securities to non-securities' is legally unfounded, and emphasized that the SEC cannot expand its regulatory scope based on subjective determinations that certain entities 'should receive more information disclosure'. [Original link]