News
  • Steve Muchoki
    author-profile

    Steve Muchoki right arrow

    Author

    Steve is a crypto news writer with a passion for decoding market moves. He blends breaking blockchain news with sharp technical analysis and bold price predictions. From Bitcoin rallies to altcoin breakouts, Steve breaks it all down with clarity and insight. Whether you're a trader or just curious, his analysis keeps you ahead of the curve.

    • 1 minute read

    Ripple Eyes U.S. Banking License Amid Regulatory Push

    Story Highlights
    • Ripple joins other crypto companies including Circle and Fidelity Digital Assets seeking to enter mainstream banking.

    • Ripple has strived to end the ongoing lawsuit filed by the U.S. SEC to focus on growth factors.

    • XRP price has rebounded and signaled bullish sentiment amid its positive funding rate.

    Ripple Labs, a blockchain-based cross-border company, has filed for a national banking license with the United States Office of the Comptroller of the Currency (OCC). Ripple’s CEO Brad Garlinghouse confirmed that the company is seeking a national banking charter, to enhance its regulatory compliance.

    Garlinghouse also noted that Standard Custody, a Ripple subsidiary, applied for a Fed Master Account. As a result, Standard Custody will hold $RLUSD reserves directly with the Fed.

    “Ripple always has and will continue to build trusted, battle-tested, and secure infrastructure. In a $250B+ market, RLUSD stands out for putting regulation first, setting the standard that institutions expect,” Garlinghouse noted.

    Ripple Joins a Growing List of Crypto Companies Seeking Banking License 

    Ripple has continued to push for regulatory compliance amid the anticipated imminent closure of the ongoing lawsuit filed by the U.S. SEC. As Coinpedia reported, Ripple has already dropped its cross appeal motion, with the U.S. SEC anticipated to do the same.

    Ripple now joins a growing list of crypto related companies seeking to obtain a national banking license. Some of the notable crypto companies in the U.S. seeking for a national banking licence include Circle Internet Group, BitGo, Coinbase Global, and Paxos. 

    Under the Joe Biden administration, only Anchorage Digital was granted a charter for a national banking license. However, under the Donald Trump administration, more crypto companies are expected to be issued with the charter for a national banking license.

    Furthermore, President Trump confirmed during the Crypto Summit on June 12 that Operation Choke Point 2.0 is over. Additionally, the U.S. Congress has pushed to establish clear crypto regulations including through the Genius Act and more legislations in the pipeline.

    Show More

    Related Articles

    Back to top button