The Office of the Comptroller of the Currency (OCC) recently granted conditional approval for Ripple to pursue a national trust bank charter in the United States. According to the report, the move follows Ripple‘s earlier application and could let the firm offer regulated banking services while boosting XRP‘s market profile.
The OCC also conditionally approved national trust charters for crypto firms Circle, BitGo, Fidelity Digital Assets, and Paxos. Several banking groups have criticized the decisions as a potential backdoor entry into traditional banking.
Greg Baer of the Bank Policy Institute questioned the approvals’ scope and fit. He said, “The decision by the OCC to grant conditionally five national trust charters leaves substantial unanswered questions,” and added, “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.”
Ripple must still satisfy capital, risk management, and governance standards before receiving a full charter. (Ed. note: the approval remains conditional until those benchmarks are met.)
The company also plans an initial public offering, according to the report, while XRP trades below $2. The article noted that buying at roughly $1.90 could yield returns if the OCC grants the final license.
