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Ripple Turns Up Pressure On SEC Over Crypto Rules

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Ripple has submitted a follow-up response to the SEC Crypto Task Force searching for clearer remedy for fee stablecoins, crypto asset non-securities and tokenized securities below broker-dealer guidelines. The letter, dated May 22, 2026 and shared by BankXRP on X, factors to a broader push for regulatory readability round collateral remedy, custody necessities and whether or not on-chain information can function the authoritative authorized registry for tokenized belongings.

The doc is addressed to the SEC Crypto Task Force on the US Securities and Exchange Commission and is marked as a follow-up to a previous Ripple assembly with the duty pressure. According to the letter, Ripple met with the group on March 20, 2026 to debate “the remedy of fee stablecoins and tokenized securities below the web capital and buyer safety guidelines, and potential subsequent steps for broader steering.”

“We are submitting this response as a follow-up to a number of questions raised in our assembly,” Ripple wrote within the seen portion of the letter. “The enclosed sections define our rationale and strategies for the Task Force to supply readability to the problems at hand. The response addresses the next:”

What Ripple Is Requesting From The SEC

The first situation raised is the remedy of stablecoins as collateral. Ripple’s letter requires Rule 15c3-1 to be amended to make clear how stablecoins might be utilized on broker-dealer steadiness sheets. That rule sits on the middle of web capital necessities, making the remedy of stablecoin collateral a sensible situation for regulated intermediaries that wish to deal with tokenized devices with out going through capital remedy that makes the exercise uneconomic.

Ripple additionally asks the SEC to make clear necessities for custodying shoppers’ stablecoins. The firm proposes amending Rule 15c3-3, the client safety rule, to outline a brand new class known as “Qualified Payment Stablecoins.” The framing suggests Ripple is searching for a clearer regulatory box for stablecoins utilized in funds and settlement, reasonably than forcing them into legacy classes that will not mirror how these belongings operate in crypto market construction.

Another main level issues crypto asset non-securities past Bitcoin and Ethereum. The letter asks the SEC to make clear that “crypto asset non-securities aside from BTC and ETH can obtain equal remedy,” citing the company’s not too long ago launched steering on the appliance of securities legal guidelines to crypto belongings. Ripple particularly proposes revising Question 4 within the SEC’s FAQ referring to crypto asset actions to account for any non-securities that meet the “readily marketable” definition.

That language issues as a result of it pushes towards a slim regulatory framework during which solely BTC and ETH are handled as clearly eligible for sure types of favorable or workable remedy. While the seen web page doesn’t identify XRP straight in that part, the implication is critical for belongings that issuers, exchanges or broker-dealers could argue are non-securities and sufficiently liquid to be handled equally below capital and buyer safety evaluation.

The letter additionally challenges the SEC’s remedy of stablecoin haircuts. Ripple says it’s offering evaluation displaying {that a} 2% haircut for stablecoins “stays punitive,” and argues that “Stablecoins ought to have a 0% haircut” when there’s a mint-burn relationship between the broker-dealer and issuer. For companies working in tokenized settlement, that distinction might have an effect on whether or not stablecoins are usable at scale as collateral or handled as carrying a capital value that limits adoption.

The ultimate situation listed within the letter goes to tokenized asset possession. Ripple asks the SEC to make clear whether or not an off-chain or on-chain registry takes priority in figuring out possession and legally enforceable rights. Its proposed reply is direct: “Designate the on-chain registry as the one authoritative authorized register,” which Ripple says would eradicate “dual-registry ambiguity” in digital twin constructions.

BankXRP framed the submission extra aggressively, saying Ripple was demanding stablecoins be handled as correct collateral, RLUSD obtain a 0% haircut, XRP and different non-securities get the identical remedy as BTC and ETH, and on-chain registries be acknowledged as the one authorized document. “Ripple isn’t asking anymore. They’re telling,” the XRP neighborhood account wrote.

At press time, XRP traded at $1.3299.

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