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Ripple Eyes U.S. Banking License Amid Regulatory Push
In a move aimed at bolstering its regulatory compliance and expanding its reach in the mainstream financial sector, Ripple Labs has filed for a national banking charter with the United States Office of the Currency (OCC). This significant development comes as the company’s CEO Brad Garlinghouse emphasizes the importance of prioritizing regulation in an industry that is rapidly evolving.
According to reports, Standard Custody, a Ripple subsidiary, has also applied for a Fed Master Account. As a result, this entity will be able to hold $RLUSD reserves directly with the Federal Reserve. This strategic move underscores Ripple’s commitment to creating a secure and trustworthy infrastructure that meets the expectations of institutional players in the market.
In his official statement, Garlinghouse highlighted Ripple’s dedication to building infrastructure that is not only battle-tested but also secure and trusted. He emphasized that RLUSD stands out for prioritizing regulation, setting the standard that institutions expect from their partners.
This bold move comes as Ripple seeks to strengthen its position in the burgeoning financial landscape. The company has long been committed to creating a global, inclusive network for cross-border transactions.
Source: coinpedia.org
