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Ripple has directly pushed the core issues of cryptocurrency regulation against the U.S. Securities and Exchange Commission (SEC). By simultaneously demanding stablecoin collateral recognition, a 0% haircut for RLUSD, equal treatment for XRP with Bitcoin and Ethereum, and on-chain ownership registration, Ripple sent a message that it would no longer tolerate regulatory gaps.
According to crypto media outlet Bitcoinist on May 27 (local time), Ripple submitted a follow-up comment letter to the U.S. Securities and Exchange Commission (SEC) Crypto Task Force, requesting clarification on how broker-dealer regulations apply to stablecoins for payment, non-security cryptocurrencies, and tokenized securities. The document was dated May 22, 2026, and was disclosed on X (formerly Twitter) by the XRP community account BankXRP.
Ripple previously met with the SEC Crypto Task Force on March 20, 2026, to discuss how to treat payment stablecoins and tokenized securities under net capital rules and customer protection rules. In its comment letter, Ripple stated, “We are submitting follow-up answers to several questions raised at the meeting” and demanded that the Task Force provide clarity on the related issues.
The first issue is the collateral treatment of stablecoins. Ripple requested an amendment to Rule 15c3-1 to clarify how stablecoins should be applied in broker-dealer financial statements. It also proposed amending customer protection Rule 15c3-3 to define a new category called ‘eligible payment stablecoins.’ This is a demand not to force stablecoins used for payments and settlements into outdated classifications of existing financial regulations.
Ripple argued that non-security cryptocurrencies other than Bitcoin (BTC) and Ethereum (ETH) should also receive equal treatment. The comment letter proposed amending question 4 of the SEC's FAQ on crypto asset activities to reflect non-security cryptocurrencies that meet the ‘immediate marketability’ requirement. According to the article, although this paragraph does not directly specify XRP, it holds significant meaning for assets whose issuers, exchanges, and broker-dealers claim non-security status and liquidity.
Ripple also directly targeted the stablecoin haircut issue. The company argued that a 2% haircut on stablecoins is punitive and that a 0% haircut should apply to stablecoins when there is an issuance/redemption relationship between the broker-dealer and the issuer. BankXRP reported that Ripple's demands mean RLUSD should receive a 0% haircut, and XRP and other non-security cryptocurrencies should be treated the same as Bitcoin and Ethereum.
The final issue is the registration of ownership of tokenized assets. Ripple demanded that the SEC clarify whether off-chain ledgers or on-chain ledgers take precedence in determining ownership and legally enforceable rights. Ripple argued that designating an on-chain ledger as the single authoritative legal ledger could eliminate the confusion of dual ledgers arising from a digital twin structure. The focus of the cryptocurrency regulatory debate is shifting beyond simple approval to stablecoin collateral, the treatment of non-security assets, and the legal ownership standards for tokenized assets.
*Disclaimer: This article is for investment reference only, and we are not responsible for any investment losses based on it. This content should be interpreted for informational purposes only.*
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