The U.S. Securities and Exchange Commission (SEC) on Aug. 12 rejected Egan-Jones Ratings Co.'s application to re-register as a nationally recognized statistical rating organization (NRSRO) covering asset-backed securities and government debt. Regulators said the filing contained material inaccuracies and raised questions about management qualifications. It is not the first time the small agency has faced such a setback: its credentials were revoked in 2013 over similar false statements, and founder Sean Egan remains subject to a related ban. Egan-Jones keeps its NRSRO designation for corporate debt and other asset classes, but government securities and the ABS market stay closed to it. NRSRO status is the statutory basis institutional investors rely on when making decisions, and the U.S. rating market has long been dominated by S&P, Moody's and Fitch. (CryptoBriefing)

Ripple Prime, Ripple's multi-asset prime brokerage, received an issuer rating from KBRA, with the agency citing its strong capital position including XRP holdings as a key factor.