Ripple Seeks US National Bank Charter as XRP Gains Momentum
Ripple, the blockchain payments company behind the XRP cryptocurrency, has applied for a national bank charter with the U.S. Office of the Comptroller of the Currency (OCC). This strategic move positions Ripple to operate under federal banking regulations while potentially managing its own digital asset reserves.
Implications for Ripple’s Operations
Approval would grant Ripple the ability to offer cryptocurrency services nationwide under a unified regulatory framework. The application comes as Ripple makes significant progress in ongoing legal proceedings, demonstrating its commitment to regulatory compliance. Brad Garlinghouse, Ripple’s CEO, emphasized this dual oversight structure would set a new standard for trust in digital asset markets.
Broader Market Impact
This development follows similar regulatory efforts by Circle and reflects a growing trend among digital asset firms seeking federal oversight. The move coincides with advancing U.S. legislation, including the GENIUS Act, which aims to establish clearer guidelines for stablecoins and cryptocurrency markets.
Key Developments
- Formal application submitted to OCC for national bank charter
- Potential to operate across state lines under federal supervision
- CEO highlights importance of combined state and federal oversight
- XRP price increased 4.2% following the announcement
- Aligns with broader regulatory trends in digital asset space
