Ripple asked the SEC to avoid introducing additional legal tests based on whether a cryptocurrency is associated with a company or an independent network

How governments worldwide set rules for digital assets through legislation, agency rulemaking, licensing regimes and court fights.

Comprehensive legal regimes for digital assets, such as the EU's MiCA and proposed US market-structure bills, defining how tokens are issued, traded, and supervised.

Ongoing legal fight over which digital assets count as securities under investor-protection law and which are commodities, determining whether the SEC or CFTC oversees them.