Ripple has formally asked the US Securities and Exchange Commission's Crypto Task Force to lay down clear ground rules for stablecoins, crypto assets that aren't securities, and tokenized securities. The letter, submitted this week, is the company's latest push for regulatory clarity in an industry that's been waiting years for firm guidance.
The three requests
Ripple's letter targets three specific pain points. First, it wants the SEC to define when a stablecoin qualifies as a non-security — a question that has hung over issuers like Circle and Paxos. Second, the company is asking for clearer standards on what makes a crypto asset a non-security in the first place, beyond the muddled Howey test analyses that have left projects guessing. Third, it wants rules for tokenized securities, the digital versions of stocks or bonds that sit on blockchains.
The letter doesn't offer a detailed proposal. Instead, it urges the task force to issue formal guidance or amend existing rules so that market participants don't have to rely on enforcement actions to learn what's allowed.
Why Ripple is speaking up
Ripple has been in the SEC's crosshairs before — though that's not the whole story here. The company's core business involves moving money across borders using XRP, and that token's regulatory status has been a long-running question. A clearer SEC framework on what counts as a security would directly affect Ripple's operations and the broader market it serves.
The timing isn't accidental. The SEC's Crypto Task Force, launched earlier this year, has been holding roundtables and collecting input from the industry. Ripple's letter is part of that public record. By making its asks explicit, the company is trying to shape the conversation before the task force issues any recommendations.
What the task force does now
The task force hasn't set a deadline for releasing guidance. But the letters it receives — from Ripple and others — are likely to inform whatever it produces. The group's mandate is to propose a regulatory framework for crypto, and it has signaled it wants to move faster than the SEC's traditional rulemaking pace.
For now, the industry is watching for the task force's next steps. Ripple's letter is one more piece of pressure on the SEC to deliver something concrete. Whether that comes this year or next is anyone's guess — but the request is now on the record.
