Lummis Releases Statement in Response to Ripple Decision 

July 14, 2023

WASHINGTON, D.C. – U.S. Senator Cynthia Lummis (R-WY) released the following statement in response to the Southern District of New York’s ruling in Securities and Exchange Commission v Ripple Labs, Inc.

“I applaud the decision of the Southern District of New York finding that crypto assets traded in secondary markets may not be investment contracts. This is the position that section 501 of the Lummis-Gillibrand Responsible Financial Innovation Act has taken from the beginning. The decision confirms the need for Congress to deliver a clear regulatory structure for the crypto asset industry that provides the highest level of consumer protection. We need to pass Lummis-Gillibrand to uphold the Howey test as interpreted by the Southern District of New York,” said Senator Lummis.