Follow-up letter targets collateral treatment and custody clarity
Ripple submitted a follow-up letter to the SEC Crypto Task Force on May 22, 2026, requesting amendments to broker-dealer rules that govern how stablecoins, crypto non-securities, and tokenized assets are treated on balance sheets and in custody frameworks.
The letter, shared publicly on X by the BankXRP account on May 27, addresses questions raised during a March 20, 2026 meeting between Ripple and the task force. “We are submitting this response as a follow-up to several questions raised in our meeting. The enclosed sections outline our rationale and suggestions for the Task Force to provide clarity to the issues at hand,” Ripple stated in the letter.
Ripple’s submission targets two principal regulatory instruments: Rule 15c3-1, which governs net capital requirements for broker-dealers, and Rule 15c3-3, the customer protection rule. Under current frameworks, Ripple argues that stablecoins face a 2% haircut on collateral that the company characterizes as punitive. Ripple proposes a 0% haircut when a mint-burn relationship exists between the stablecoin and its underlying reserve.
The company proposes creating a “Qualified Payment Stablecoins” category under Rule 15c3-3 to clarify custody and collateral treatment. Ripple also argues that stablecoins should receive the same regulatory treatment as Bitcoin and Ethereum under capital and customer protection analysis, citing recent SEC guidance on the application of securities laws to crypto assets.
A third focal point of the submission addresses on-chain asset registries. Ripple proposes designating on-chain registries as the single authoritative legal register to eliminate what it calls “dual-registry ambiguity” in digital twin structures, which Ripple contends creates unnecessary compliance friction for issuers and custodians.
The letter’s tone and substance drew commentary from the BankXRP account. “Ripple isn’t asking anymore. They’re telling,” the account wrote on X, characterizing the submission as more assertive than prior regulatory engagement. Ripple’s own framing in the letter emphasized collaboration, positioning the amendments as clarifications needed to provide industry certainty.
The SEC has not publicly indicated a timeline for response or acknowledged receipt of the submission. XRP, Ripple’s native asset, was trading at $1.3299 at the time of publication.
Ripple’s submission reflects ongoing industry pressure for regulatory clarity on how non-securities crypto assets and stablecoins fit within existing broker-dealer frameworks. The company’s focus on collateral haircuts and custody definitions suggests that current regulatory ambiguity is creating operational friction for market participants seeking to integrate digital assets into traditional finance infrastructure.
