Ripple has submitted a follow-up response to the SEC Crypto Task Force seeking clearer treatment for payment stablecoins, crypto asset non-securities and tokenized securities under broker-dealer rules. The letter, dated May 22, 2026 and shared by BankXRP on X, points to a broader push for regulatory clarity around collateral treatment, custody requirements and whether on-chain records can serve as the authoritative legal registry for tokenized assets.
The document is addressed to the SEC Crypto Task Force at the US Securities and Exchange Commission and is marked as a follow-up to a prior Ripple meeting with the task force. According to the letter, Ripple met with the group on March 20, 2026 to discuss “the treatment of payment stablecoins and tokenized securities under the net capital and customer protection rules, and potential next steps for broader guidance.”
“We are submitting this response as a follow-up to several questions raised in our meeting,” Ripple wrote in the visible portion of the letter. “The enclosed sections outline our rationale and suggestions for the Task Force to provide clarity to the issues at hand. The response addresses the following:”
JUST IN: Ripple officially submitted a follow-up letter to the SEC Crypto Task Force on May 22, 2026 
The first issue raised is the treatment of stablecoins as collateral. Ripple’s letter calls for Rule 15c3-1 to be amended to clarify how stablecoins can be applied on broker-dealer balance sheets. That rule sits at the center of net capital requirements, making the treatment of stablecoin collateral a practical issue for regulated intermediaries that want to handle tokenized instruments without facing capital treatment that makes the activity uneconomic.
That language matters because it pushes against a narrow regulatory framework in which only BTC and ETH are treated as clearly eligible for certain forms of favorable or workable treatment. While the visible page does not name XRP directly in that section, the implication is significant for assets that issuers, exchanges or broker-dealers may argue are non-securities and sufficiently liquid to be treated similarly under capital and customer protection analysis.
The letter also challenges the SEC’s treatment of stablecoin haircuts. Ripple says it is providing analysis showing that a 2% haircut for stablecoins “remains punitive,” and argues that “Stablecoins should have a 0% haircut” when there is a mint-burn relationship between the broker-dealer and issuer. For firms operating in tokenized settlement, that distinction could affect whether stablecoins are usable at scale as collateral or treated as carrying a capital cost that limits adoption.
The final issue listed in the letter goes to tokenized asset ownership. Ripple asks the SEC to clarify whether an off-chain or on-chain registry takes precedence in determining ownership and legally enforceable rights. Its proposed answer is direct: “Designate the on-chain registry as the single authoritative legal register,” which Ripple says would eliminate “dual-registry ambiguity” in digital twin structures.
At press time, XRP traded at $1.3299.
