- The Office of the Comptroller of the Currency (OCC) granted conditional approval for Ripple to pursue a national trust bank charter.
- Ripple cleared an initial regulatory hurdle and is the first blockchain firm named on the approved list.
- The OCC also granted charters conditionally to Circle, BitGo, Fidelity Digital Assets, and Paxos.
- Some banking groups raised concerns, including Greg Baer of the Bank Policy Institute, about unanswered questions and whether OCC rules fit the applicants’ risks.
- Ripple must still meet capital, risk and governance standards before receiving a full charter; the report also noted a potential IPO and cited XRP trading below $2 (around $1.90).
The Office of the Comptroller of the Currency (OCC) granted conditional approval for Ripple to pursue a national trust bank charter, advancing its bid for a charter banking license that could integrate blockchain services into traditional finance. The conditional approval moves Ripple closer to formal banking status and has been identified as potentially beneficial to XRP.
The OCC’s action placed Ripple as the first blockchain firm on the list of conditionally approved applicants. The regulator also conditionally approved crypto custody or trust plans from Circle, BitGo, Fidelity Digital Assets, and Paxos.
Some banking groups expressed objection to the OCC decisions and questioned the process. “The decision by the OCC to grant conditionally five national trust charters leaves substantial unanswered questions,” said Greg Baer, president and CEO of the Bank Policy Institute. “Chiefly, whether the requirements the OCC has outlined for the applicants are appropriately tailored to the activities and risks in which the trust will engage,” he added.
The conditional approval does not end regulatory review. Ripple must still satisfy capital, risk-management and governance standards before receiving a full charter. The report also mentioned plans for an initial public offering and noted that XRP is trading below $2, with $1.90 cited as an example price.
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