Foreign media report that the focus of U.S. discussions on crypto assets is shifting from whether they can enter the traditional financial system to how they should enter under what rules. This shift is particularly noteworthy for XRP, as its regulatory path in the U.S. is already clearer than that of most other tokens.
A court ruling has been issued for XRP.
The U.S. Senate is expected to hold a key procedural vote on the CLARITY Act on September 15. Supporters hope the bill will shift the industry from a case-by-case litigation model to a codified market structure framework.
Under the Senate Banking Committee framework, qualifying network tokens may be classified as commodities and subject to more targeted disclosure and financing requirements, rather than automatically falling under full securities regulation.
After both Ripple and the U.S. Securities and Exchange Commission (SEC) withdrew their appeals in August 2025, the district court’s final ruling was upheld. Judge Analisa Torres had determined that Ripple’s programmatic sales of XRP on public markets did not constitute unregistered securities offerings, but certain sales to institutional buyers did qualify as securities transactions.
Section 105 of the bill draft has therefore drawn attention. This provision aims to limit the SEC’s enforcement discretion in specific circumstances, provided that the relevant digital asset has already been determined by a U.S. court to be non-securities, with no possibility of appeal, prior to the bill’s effective date.
The SEC is advancing the on-chain securities process.
The article also notes that, beyond congressional legislation, the SEC continues to advance crypto-related rules. On September 1, the SEC proposed its first substantive modernization of transfer agent rules in decades, explicitly recognizing that blockchain technology can be used for securities issuance and share transfers.
The transfer agent sits at the core of the U.S. securities custody and settlement system. If the relevant regulations are implemented, blockchain will penetrate deeper into the foundational processes of traditional securities markets, rather than remaining limited to pilot stages.
This direction aligns with Ripple and the XRP Ledger’s recent expansion into tokenization, custody, stablecoins, and institutional-grade financial infrastructure. Meanwhile, investment products linked to XRP are becoming increasingly common within the regulated financial system.
The price has not yet reflected the policy benefits.
Despite ongoing policy developments, XRP's price has not viewed these changes as a short-term catalyst. The report noted that XRP traded at approximately $1.32 on Wednesday, down about 2% for the day and roughly 9% from its level of around $1.45 on August 27.
The article suggests that a more significant signal is that U.S. policy discussions are shifting from “whether to allow crypto assets into the market” to “through what kind of compliant infrastructure they should enter.” For XRP, the next phase may no longer focus on rehashing the debate over its securities status, but rather on how it will operate within the U.S. financial system through regulated channels.