According to news on January 1, Ripple Chief Legal Officer Stuart Alderoty outlined six key principles on New Year’s Eve, urging the US SEC to adopt a prudent approach to encryption regulation: The SEC only has jurisdiction over securities transactions; The sale of gold bullion with contractual rights, title or interests in gold mines may be a securities transaction; The sale of the same gold bar without post-sale rights or obligations is just an asset sale and the SEC has no authority to regulate it; The SEC’s jurisdiction will not expand based on its selfish view of who “should” disclose more; A token is in no way a security, although it may be the subject of a securities transaction; The concept that a token can “evolve” from a security to a non-security is a myth with no legal basis.