Ripple urged the SEC to reject decentralization as a separate legal test, stating metrics like governance participation, node distribution, software contributions, and economic control cannot reliably determine ongoing contractual obligations

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.