Ripple applies for U.S. bank license – Next big step in crypto’s Wall Street takeover?

Key Points

1. Ripple applied for a U.S. bank license with the OCC to further its payment vision, including holding reserves for its RLUSD stablecoin.

2. The GENIUS Act and stablecoin bill are part of the regulatory context for Ripple's application.

3. Circle's CEO Jeremy Allaire supports the move, seeing it as a step toward integrating digital assets with the U.S. financial system.

4. BitMEX Founder Arthur Hayes criticized the move, arguing crypto firms cannot compete with traditional banks due to regulatory constraints.

5. XRP's price surged to $2.3 following the news, with potential for further gains if momentum continues.