XRP News Today: Ripple Seeks U.S. Banking License, Aims for Federal Oversight

Ripple, a prominent blockchain-based payments company, has taken a significant step towards regulatory clarity by formally applying for a U.S. banking license through the Office of the Comptroller of the Currency (OCC). This move, announced by Ripple CEO Brad Garlinghouse, has sparked excitement within the XRP community, as it signals Ripple’s intent to elevate its regulatory standing and operational reach within the financial system.

Garlinghouse emphasized Ripple’s long-standing commitment to compliance and regulatory alignment, stating that the application for a national bank charter from the OCC reflects the company’s dedication to infrastructure integrity. If approved, Ripple would operate under both federal and state oversight, a unique regulatory structure that few others in the stablecoin market can claim. This dual oversight would position Ripple as a trusted institutional partner, further solidifying its role in the evolving financial landscape.

The XRP community has responded enthusiastically to Ripple’s decision, viewing it as a defining moment in the company’s evolution. Many supporters see this move as evidence that XRP can become a globally utilized digital asset, powering a new financial system. The potential to interact directly with a federally licensed “XRP Bank” in the United States is both validating and energizing for longtime followers of the company.

In addition to the banking license application, Ripple, through its affiliate Standard Custody, has applied for a Federal Reserve master account. This step would allow Ripple to hold RLUSD reserves directly with the Fed, offering a heightened level of security and transparency. Garlinghouse highlighted RLUSD’s design to meet the expectations of a $250 billion market by prioritizing regulation and operational resilience from the outset. This strategic move positions XRP and RLUSD at the forefront of a major financial shift, further cementing Ripple’s role as a leader in the blockchain and payments industry.

Ripple’s application for a U.S. banking license comes shortly after the OCC gave banks the green light to engage with cryptocurrencies, positioning Ripple to operate alongside traditional banks under federal supervision. This move not only enhances Ripple’s regulatory standing but also opens up new opportunities for the company to expand its services and reach within the financial system. The XRP community’s enthusiasm and support for this decision underscore the growing recognition of XRP as a viable digital asset with the potential to reshape the financial landscape.