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 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 legislation in the pipeline.
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