Ripple applies for a US national banking license, which would place its RLUSD stablecoin under the Office of the Comptroller of the Currency's regulatory remit
More accurately, most are seeking trust bank charters that have some of the *benefits* of being a bank but without all the *restrictions* that apply to traditional banks that take deposits and make loans. … X: Brad Garlinghouse / @bgarlinghouse : True to our long-standing compliance roots, @Ripple is applying for a national bank charter from the OCC. If approved, we would have both state (via NYDFS) and federal oversight, a new (and unique!) benchmark for trust in the stablecoin market. Earlier in the week via Bull Diep / @diepsanh : In short, the following are the key implications of Ripple applying for a federal banking license [image] Mario Nawfal / @marionawfal : 🇺🇸 RIPPLE WANTS A BANK CHARTER AND A DIRECT LINE TO THE FED Because apparently being a crypto company isn't edgy enough, Ripple now wants to be an actual bank and plug straight into the Fed's money system. CEO Brad Garlinghouse says they're just following Circle's lead and [image] @its_runtime : @crypto_bitlord7 Ripple narrative hops every year. They never produced a novel use case (bridge currency eaten by stablecoins), and never achieved mass adoption on any vertical. This recent swing to being a bank is a desperation move to keep you rubes buying a worthless token. You'll be the LinkedIn: Todd H Baker : This otherwise good article fails to draw the distinction between a “national bank charter” which permits deposit taking, lending and other banking activities … Ryan Freeman : Our push for a banking license signifies more than just an approval. It's about empowering the future where cutting-edge … Forums: r/XRP : Ripple Seeks U.S. Banking License r/CryptoCurrency : Ripple applies for US banking license