On January 1st, Ripple Chief Legal Officer Stuart Alderoty outlined six key principles on New Year's Eve, urging the SEC to take a prudent approach to crypto regulation: The SEC only has jurisdiction over securities transactions. The sale of gold bars with contractual rights, ownership or interests in gold mines may be a securities transaction. Selling the same gold bar without after-sales rights or obligations is just an asset sale, and the SEC has no authority to regulate it. The SEC's jurisdiction will not be expanded based on its selfish view of who it thinks should be disclosed more. Tokens are by no means securities, although they can be the subject of securities transactions. The notion that tokens can "evolve" from securities to non-securities is a fictional fallacy with no legal basis.