On May 27, Ripple submitted a letter to the U.S. Securities and Exchange Commission's (SEC) Crypto Task Force, proposing a 'network maturity' test to determine when crypto tokens should no longer be considered securities. The proposal responds to a key question from Commissioner Hester Peirce's 'New Paradigm' speech regarding the separation of digital assets from investment contracts. Ripple's framework suggests that a digital asset should only be classified as a security if the issuer has unfulfilled material promises or if token holders have enforceable rights against the issuer. The company cites the 2023 court ruling that XRP was not a security in secondary market trading. Ripple proposes three criteria for network maturity: a significant market capitalization threshold, operation on a public and permissionless network for a set period, and the absence of unilateral control over the network's core functions. Ripple challenges the SEC's focus on 'decentralization' as a regulatory benchmark, describing it as vague and inconsistent. The company urges the SEC to adopt the network maturity standard instead. Uniswap Foundation and the DeFi Education Fund (DEF) have also submitted a letter to the SEC's Crypto Task Force, recommending three principles for the regulatory treatment of decentralized autonomous organizations (DAOs). Separately, Talos submitted a comment letter to the U.S. Commodity Futures Trading Commission (CFTC) on perpetual derivatives, highlighting the need for rules addressing round-the-clock trading and novel risks to facilitate onshore crypto trading.