This Ripple Official Follow-up Letter to the SEC Excites XRP Army

The XRP community is buzzing with excitement as Ripple has submitted a formal follow-up letter to the SEC Crypto Task Force. The letter from May 22 responds directly to questions raised during Ripple’s March 20 meeting with Commissioner Hester Peirce and Task Force staff.

Crypto commentator BankXRP (@BankXRP) brought the letter to wider attention, noting it builds on Ripple’s initial submissions to the Task Force. This is not a general statement of intent. Instead, Ripple put five specific regulatory proposals in writing.

Stablecoins as Collateral

Ripple’s first proposal targets how stablecoins are treated on balance sheets. The letter calls for an amendment to Rule 15c3-1 to clarify the proper accounting treatment of stablecoins as collateral.

This matters for broker-dealers that hold or use stablecoins. Clear balance sheet treatment removes a significant source of regulatory uncertainty for institutions.

The 0% Haircut Argument

Ripple goes further on stablecoins under Rule 15c3-3. The letter proposes a new category called “Qualified Payment Stablecoins” and argues stablecoins should carry a 0% haircut, provided there is a mint-burn relationship between the broker-dealer and the issuer.

The current 2% haircut, Ripple argues, remains punitive. Reducing it to 0% would treat qualifying stablecoins more like cash equivalents, which aligns with how they function in practice.

XRP Alongside BTC and ETH

This is the proposal the XRP community is paying closest attention to. Ripple asks the SEC to revise Question 4 in the FAQ on Crypto Asset Activities. The current language limits “readily marketable” treatment to Bitcoin and Ether.

Ripple wants that extended to any non-security that meets the readily marketable definition, noting the SEC’s recently released guidance on securities laws applied to crypto assets. XRP, which the SEC and CFTC jointly classified as a digital commodity in March 2026, would qualify under that standard.

On-Chain Registry as Legal Record

Ripple’s fifth proposal addresses a structural question about tokenized securities. The letter calls on the SEC to designate the on-chain registry as “the single authoritative legal register,” eliminating what it describes as the dual-registry ambiguity that arises in digital twin structures. This would establish on-chain records as legally enforceable, not just a parallel system running alongside traditional off-chain registries.

What Comes Next for XRP?

The letter is a follow-up, not a final answer. The Task Force must now respond to these proposals, whether through formal guidance, rule amendments, or FAQ revisions.

Each of Ripple’s requests has a direct path to regulatory action. If the SEC adopts even part of what Ripple proposed, XRP’s treatment under broker-dealer rules changes materially. The XRP community is watching closely, and based on BankXRP’s post, so is the market.

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