Regulatory clarity for tokens: new SEC rules again raise the question of XRP's status
The American regulator is once again making adjustments to the rules of the game for the crypto industry. This week, the U.S. Securities and Exchange Commission (SEC) presented the draft Regulation Crypto Assets, which essentially offers a formalized mechanism for removing digital assets from the scope of securities legislation. This is a step that many market participants have been waiting for for years, and it directly echoes the protracted dispute over XRP.
What does the new SEC draft propose?
It is about creating a clear and predictable procedure for token issuers wishing to raise capital in the United States without violating federal law. The draft provides for two main scenarios for exemption from registration. The first is for small projects, allowing up to $5 million to be raised over four years. The second is more extensive, with a limit of up to $75 million over any 12-month period, but with additional requirements for financial disclosure and regular reporting.
The key point is the introduction of federal regulation taking precedence over regional norms. This means that issuers following the new rules will be able to avoid a patchwork of contradictory requirements from individual states. In essence, we are witnessing a return to the idea of initial coin offerings (ICOs), but already within a civilized framework, with pre-established limits and transparency obligations.
The question that made XRP famous
This initiative is a direct response to the legal vacuum that arose after the court ruling in the Ripple case in 2023. At that time, the judge ruled that XRP itself is not a security, but institutional sales of the token violated the law. This created a precedent in which the status of an asset could only be determined through litigation, not through a clear administrative process. The new SEC draft finally offers an algorithm for exiting the gray zone.
The proposed "safe harbor" mechanism assumes that if a project team has completed or officially ceased its stated managerial activities for holders, the asset ceases to fall under the definition of an investment contract. This gives issuers who have already brought tokens to market a legal opportunity to "clean up" their status without going to court.
The market, however, reacted cautiously. XRP continues to trade around $1, showing minimal volatility. The token's market capitalization is about $62.7 billion, keeping it in sixth place in the overall ranking. At the same time, the price is still far from the historical high of $3.65 recorded in July 2025.
All attention is now focused on the public comment period, which will last 60 days, and then on consideration in Congress. In parallel, the CLARITY Act bill awaits a vote in the Senate, which could determine the overall structure of the digital asset market. The final terms of the "safe harbor" will be a decisive factor for issuers who have released tokens outside the United States: it depends on them whether sales return to the American market.
My view: This is certainly a positive signal, but one should not expect an immediate effect. The SEC is creating a precedent that will likely be refined under industry pressure. For XRP, this is more of a confirmation of its current status than a new growth catalyst. Investors should watch the details of the final version of the rules—they will determine how comfortable life will be for issuers and how safe for buyers.