What's still unresolved now that the lawsuit is over?

The full answer

This page covers the rules that remain open for XRP in the US and elsewhere. The court case itself is covered on Is the SEC vs Ripple case over, and who won?, and the reach of that ruling on Does the Ripple ruling bind other courts or settle the status of other tokens?.

Does the SEC’s 2026 release settle whether XRP is a security?

Bitwise’s XRP ETF filing, a post-effective amendment filed with the SEC on September 18, 2026, states that XRP’s status as a security “under U.S. federal securities laws has not been definitively resolved” [1]. The same filing says the SEC issued an interpretive release in March 2026 expressly indicating its belief that XRP is properly classified as a digital commodity [1].

That release, SEC Release 33-11412, is dated March 17, 2026 and took effect March 23, 2026. It lists XRP among 16 examples of digital commodities and says a digital commodity is not itself a security [2]. It also says a non-security crypto asset can still be offered and sold subject to an investment contract, which is a security [2]. The release says the 16 were chosen as examples because each underlies a futures contract on a designated contract market overseen by the CFTC, and that underlying such a contract is not necessary to be a digital commodity [2]. The CFTC states in the release that it and its staff will administer the Commodity Exchange Act consistent with the interpretation [2].

The release calls itself the Commission’s first step toward a clearer regulatory framework for crypto assets. It solicits public comment and says the Commission “may refine, revise, or expand upon the interpretation” based on the feedback [2].

Bitwise’s filing says the release is an interpretive statement that does not have the force and effect of law and is not binding on courts or other regulatory authorities [1]. The filing adds that courts are not required to defer to the release and that it may be modified or withdrawn by a future administration [1]. It also says there can be no assurance that the SEC, a court, or another regulatory authority will not in the future determine that XRP, or transactions in XRP, involve a security [1].

Bitwise’s filing reports that the SEC proposed “Regulation Crypto Assets” (Release No. 33-11434) on August 18, 2026, with a public comment period ending October 20, 2026, and that as proposed it would create a tailored offering regime for certain investment contracts involving crypto assets [1]. Separately, Ripple wrote on September 15, 2026 that the Clarity Act, the federal crypto market structure bill, failed to advance in the Senate after a critical vote that day [3].

SEC Release 33-11412, effective March 23, 2026, lists “XRP (XRP)” as an example of a digital commodity.[2] The Bitwise XRP ETF’s September 18, 2026 filing with the SEC says the release “is not binding on courts or other regulatory authorities” and “may be modified or withdrawn by a future administration.”[1] Troutman Pepper Locke wrote on September 25, 2026 that “agency action is subject to direction under future administrations, which could revise or withdraw rules and interpretations and change agency enforcement priorities.”[7]

On September 15, 2026 the Senate rejected cloture on the motion to proceed to H.R. 3633 by 49 to 50; three-fifths of the Senate was required.[9] The Senate Daily Press record names H.R.

Spot trading still has no federal registration regime: Troutman Pepper Locke notes that the CFTC can pursue fraud and manipulation in spot crypto markets but “does not have a general statutory program to register or supervise” them.[7]

What does the failure of the CLARITY Act leave open?

Ripple reported that on September 15, 2026 the CLARITY Act, the federal crypto market structure bill, failed to advance in the Senate after a critical vote [3]. The Latham & Watkins US crypto policy tracker records that the Senate Banking Committee advanced the bill 15-9 on May 14, 2026 [4]. The tracker says the Senate delayed a floor vote before the August 2026 recess over disagreements on ethics rules and banking opposition, and scheduled a September 15, 2026 procedural vote that needed 60 votes to open debate [4].

Ripple said the vote does not change what it calls the established legal clarity for XRP, and that the US digital asset market continues to operate without the durable statutory framework the Act could have provided [3]. Ripple wrote that “the banking industry worked relentlessly to protect the status quo from progress,” and said it will keep advocating for market structure legislation [3]. Bitwise’s filing says substantial uncertainty remains over whether the CLARITY Act will be enacted and over how the GENIUS Act is implemented and interpreted [1]. The GENIUS Act, signed into law on July 18, 2025, sets a framework for payment stablecoins and takes effect at the earlier of 18 months after enactment or 120 days after regulators issue final rules, according to the Latham tracker [4]. The bill’s history and what it would have meant are on What happened to the CLARITY Act, and does it affect XRP?.

Which rules still limit how fast banks can expand XRP activity?

CFTC staff Letter 25-40, a no-action letter dated December 8, 2025, sets conditions for futures commission merchants that accept digital assets as margin collateral from customers [5]. One condition limits a firm to payment stablecoins, Bitcoin and Ether as customer margin collateral, tied to a three-month period from when the firm starts relying on the letter [5]. Another condition, for collateral in 30.7 customer accounts, refers to digital assets that are the underlying commodity of a futures contract listed on a CFTC-registered designated contract market [5]. The letter states that it represents the view of the CFTC division only and that the division can modify, suspend or terminate it [5]. Bitwise’s filing records that CME, a CFTC-registered designated contract market, launched XRP futures on May 19, 2025 [1].

For banks, the Basel Committee’s cryptoasset standard, SCO60, took effect on January 1, 2026, according to an analysis by The Industry Spread last updated May 29, 2026 [6]. The analysis says SCO60 places unbacked crypto such as Bitcoin and Ether in Group 2, that Group 2b assets carry a 1,250% risk weight, meaning capital equal to the full value of the exposure, and that a bank’s Group 2 holdings may not exceed 2% of its Tier 1 capital [6]. It says the standard channels bank involvement toward custody, tokenised assets and client-facing brokerage rather than proprietary holdings, and that the Basel Committee agreed in November 2025 to expedite a targeted review [6]. The same analysis reports that the US administration rejected the fixed 1,250% weight and directed federal banking agencies toward a risk-based framework, and that the Federal Reserve, OCC and FDIC are expected to propose an alternative [6]. Which Basel group XRP falls into is not known.

The capital detail is on What rules govern lending against XRP, and how do bank capital rules treat it?, and custody permissions are on Can US banks now hold and custody crypto like XRP?.

On March 7, 2025 the OCC said crypto-asset custody is permissible for national banks and dropped the requirement to get “supervisory nonobjection” first.[10] On July 14, 2025 the Federal Reserve, FDIC and OCC issued a joint statement reminding banks that safekeeping crypto for customers must be done “in a safe and sound manner,” and said the statement “does not create any new supervisory expectations.”[11] The passages of these two documents cited here do not mention XRP.

Is non-US regulation still a risk for XRP?

The Industry Spread’s analysis says the EU has applied a temporary crypto treatment under CRR3 Article 501d since July 9, 2024, and that the UK PRA has committed to implement Basel while keeping discretion over calibration and timing [6]. It says a global bank can book the same Bitcoin exposure at full 1,250% capital cost in Frankfurt, at a UK weight yet to be set in London, and at a potentially far lower charge in New York once US rules land [6]. How regulators in the EU, UK, Japan, Singapore and Canada classify XRP itself is covered on How is XRP classified and regulated outside the US (EU, UK, Japan, Singapore, Canada)?.

Is the US about to ban XRP?

As of October 1, 2026, no public source describes a US proposal to ban XRP. The current agency positions treat XRP as a commodity: the SEC release lists XRP as a digital commodity [2], and Bitwise’s filing says the CFTC has determined XRP is a commodity under the Commodity Exchange Act [1]. The filing points instead to a different risk, that the release may be modified or withdrawn by a future administration [1]. The case for that risk is set out on Could a future US government reverse XRP’s regulatory position?.

When the agency dropped its Coinbase case on February 27, 2025, Commissioner Caroline Crenshaw said the “reverse-course midstream” was “unprecedented” and “ignores 80 years of well-established law,” adding: “Far from clarity, today’s action creates more uncertainty.”[8] The case for a reversal is laid out on could XRP’s regulatory position reverse.

What regulatory change would a holder actually notice, such as platform access or tax?

For holders of XRP funds, Bitwise’s filing says that if XRP is determined to be offered or sold as a security, the trust could be considered an unregistered investment company, which could require its liquidation [1]. Exchange listing decisions during the lawsuit are covered on Why did exchanges freeze or delist XRP during the lawsuit?. As of October 1, 2026, no source reviewed covers the tax treatment of XRP, so this page makes no tax statement.

On the day of the July 13, 2023 ruling, Coinbase said it “will re-enable trading for XRP,” and Bitstamp said it had “resumed trading of XRP in the United States effective immediately,” CoinDesk reported.[12] A future change in the federal view would most likely be felt the same way, through what US platforms choose to list.

How to check a platform’s registration is on how to check a crypto platform is registered.

The IRS says brokers “must report gross proceeds from (and in some cases, basis for) sales or dispositions of digital assets” on Form 1099-DA, and that “for 2025, the Form 1099-DA filing requirements generally apply to U.S. brokers.”[13] Tax rules for holders are on XRP tax in Canada and the US.

What is the strongest evidence that the risk has not gone away?

Ripple wrote on September 15, 2026 that “Ripple and XRP stand on settled ground,” citing what it calls a 2023 landmark victory establishing that XRP is not a security and the March 2026 SEC and CFTC interpretation [3]. Against that, Bitwise’s filing three days later told fund investors that XRP’s status “has not been definitively resolved” and that the interpretation does not have the force and effect of law [1]. How regulatory risk now compares with XRP’s other risks is on What are the different kinds of XRP risk, and which have fallen?.