Former SEC Lawyer Supports Ripple's Stance in Jan. 26 Filing
In a public submission to the U.S. Securities and Exchange Commission’s Crypto Task Force, former SEC attorney Teresa Goody Guillen has backed Ripple's argument that speculation alone should not be enough to classify a digital asset as a security. The response, published on January 26, 2026, aligns with Ripple's January 9 submission concerning the proposed CLARITY Act.
Guillen's letter contends that simply holding a “passive economic interest,” such as buying a token with the hope its price will appreciate, is not sufficient grounds for triggering securities law. This directly reinforces Ripple's position against conflating passive speculation with formal investment rights.
Frameworks suggesting that a ‘passive economic interest’ alone could trigger securities laws mistakenly conflate speculation with investment rights [...]
— Teresa Goody Guillen, former SEC attorney.
New 'Digital Value Instruments' Category Proposed
Separately, Guillen introduced a discussion draft for a “Digital Markets Restructure Act of 2026,” which proposes a novel classification for certain crypto assets: “Digital Value Instruments.” This new category would apply to assets that do not clearly fall under existing definitions of securities or commodities.
An asset would qualify as a Digital Value Instrument if it meets at least three of five specific characteristics. These include free transferability, providing a passive economic interest to holders, offering limited contractual rights, having a systemic dependency on its sponsor, or lacking a mechanism for holders to discipline the system's operators.
Regulatory Agencies Set for Joint Meeting Thursday
This development comes as U.S. regulators prepare for a significant meeting on digital asset oversight. The SEC and the Commodity Futures Trading Commission (CFTC) have scheduled a joint session for Thursday to discuss regulatory coordination and harmonization. The event, delayed by two days, underscores the increasing focus on establishing a clearer legal framework for the cryptocurrency market in the United States.
