Ripple has sent a letter to the U.S. Securities and Exchange Commission requesting regulatory clarity on payment stablecoin treatment, tokenized securities custody requirements, and on-chain registry precedence, according to the crypto firm.
The letter followed a March 20 meeting between Ripple and the SEC Crypto Task Force, where officials discussed how payment stablecoins and tokenized securities should be treated under net capital and consumer protection rules.
Brad Garlinghouse, Ripple’s CEO, framed the request as part of a broader shift in the regulatory environment. “The anti-crypto army was defeated by the courts, the voters, and U.S. President Donald Trump,” Garlinghouse said, adding that the movement against digital assets “never made policy, legal, or political sense.”
Specific regulatory requests
Ripple asked the SEC to amend Rule 15c3-1 to clarify how stablecoins should be applied on balance sheets. The firm also requested an amendment to Rule 15c3-3 to define “Qualified Payment Stablecoins” and their custody requirements.
In its letter, Ripple characterized a 2% haircut on stablecoins as punitive and suggested a 0% haircut for stablecoins with a mint-burn relationship, according to the firm’s requests.
Ripple also asked the SEC to clarify that crypto assets classified as non-securities (aside from Bitcoin and Ethereum) should receive equivalent commodity treatment. The firm requested the SEC revise its FAQ Question 4 on crypto asset activities to account for non-securities that meet the readily marketable definition.
On-chain registry proposal
Ripple urged the SEC to designate an on-chain registry as the single authoritative legal register to eliminate dual-registry ambiguity in digital twin structures.
The requests come as the SEC has recently classified major cryptocurrencies as commodities alongside Bitcoin and Ethereum. President Trump’s administration has vowed to codify the CLARITY Act, which would provide further regulatory definition for digital assets.
The SEC has not yet responded to Ripple’s letter or committed to addressing the firm’s specific requests. The full text of Ripple’s correspondence and the exact date it was sent have not been disclosed.
