Foreign media reports that the focus of discussions in the United States regarding crypto assets is shifting from whether they can enter the traditional financial system to under what rules they can do so. For XRP, this change is even more noteworthy, as its regulatory path in the U.S. is already clearer than that of most tokens.
XRP has a court judgment in place.
The U.S. Senate is expected to conduct a key procedural vote on the CLARITY bill on September 15. Supporters hope that this bill will shift the industry from a case-by-case litigation model to a written set of market structure rules.
According to the framework of the Senate Banking Committee, eligible digital tokens can be considered commodities and are subject to more targeted disclosure and financing requirements, rather than being automatically subjected to comprehensive securities regulation.
After Ripple and the U.S. Securities and Exchange Commission (SEC) withdrew their respective appeals in August 2025, the district court's final ruling was upheld. Judge Analisa Torres determined at that time that the programmed XRP sales to the public market by Ripple did not constitute the issuance of unregistered securities, but some of the sales to institutions did constitute securities transactions.
Article 105 of the draft bill has thus come to attention. This provision aims to limit the enforcement powers of SEC under certain circumstances, provided that the relevant digital assets have been deemed non-securities by U.S. courts with no appeal possible prior to the bill taking effect.
SEC Promoting On-Chain Securities Processes
The article also points out that in addition to congressional legislation, SEC is also continuing to advance regulations related to cryptography. On September 1st, SEC proposed the first substantial modernization of the transfer agent regulations in decades and explicitly recognized that blockchain technology can be used for securities issuance and share transfers.
The transfer agency is located at the core of the US securities holding and settlement system. If the relevant regulations are implemented, blockchain will penetrate more deeply into the underlying processes of the traditional securities market, rather than remaining at the pilot stage.
For Ripple and XRP Ledger, this direction echoes their recent expansion in tokenization, custody, stablecoins, and institutional-level financial infrastructure. At the same time, investment products linked to XRP have also become more common within the regulated financial system.
Prices have not yet reflected the positive policy impacts.
Despite continuous progress at the policy level, the price of XRP has not regarded these changes as a short-term catalyst. Reports mention that on Wednesday, XRP was trading at around $1.32, down about 2% from the day before, and fell by approximately 9% from its level of around $1.45 on August 27th.
The article argues that a more significant signal is that policy discussions in the United States are shifting from "whether to allow crypto assets to enter the market" to "through what kind of compliant infrastructure these assets will enter the market." For XRP, the focus of the next phase may no longer be on the debate over whether it should be classified as securities, but rather on through what regulated channels it will operate within the U.S. financial system.
