Ripple has submitted a follow-up response to the SEC's Crypto Task Force, laying out a detailed wish list for how payment stablecoins, crypto assets that aren't securities, and tokenized securities should be treated under existing broker-dealer rules. The letter, dated May 22, follows a meeting the company had with the Task Force on March 20, and was shared publicly by the account BankXRP on X. At press time, XRP traded at $1.3299.
A Wish List for the SEC Crypto Task Force
The filing zeroes in on two specific SEC rules: 15c3-1 and 15c3-3. Ripple wants the SEC to amend Rule 15c3-1 to clarify how stablecoins can be used as collateral on broker-dealer balance sheets. It also asks for changes to Rule 15c3-3 to create a new custody category called 'Qualified Payment Stablecoins.' The implication is that current rules don't properly account for these assets, leaving broker-dealers in legal limbo.
The Stablecoin Haircut Debate
One of the more detailed proposals concerns haircuts — the discount applied to collateral. Ripple argues that stablecoins with a direct mint-burn relationship between the broker-dealer and the issuer should get a 0% haircut. A 2% haircut, the company says, is punitive. That's a technical but meaningful ask: if the SEC agrees, it could make stablecoins a far more attractive option for balance-sheet management.
Who Owns What: The Registry Question
Ripple also wades into the debate over tokenized securities. It asks the SEC to designate the on-chain registry as the single authoritative legal register for tokenized asset ownership. That would effectively give blockchain records the same legal weight as traditional paper ledgers — a step that could simplify custody and transfer but would require the SEC to formally bless a decentralized record as definitive.
Ripple's Tone Shift
BankXRP framed the letter on X as Ripple 'telling' rather than asking — a subtle shift in posture from a company that has spent years in litigation with the SEC. The letter itself is careful: it doesn't demand, but it does propose specific amendments. Whether the Crypto Task Force takes them up is another question. The SEC has not publicly responded to the March meeting or the follow-up.
For now, the ball is in the SEC's court. Ripple has made its case for clearer rules on stablecoins, tokenized assets, and non-security crypto beyond BTC and ETH. The next move belongs to the regulator.
