Ripple’s OCC Banking License Application Is Now Available. Here Are the Details
Main Idea
Ripple has submitted its OCC banking license application, focusing on its stablecoin RLUSD and outlining its business-to-business banking strategy, while excluding XRP from the application.
Key Points
1. Ripple's Interagency Charter Application to the OCC focuses on its stablecoin RLUSD and positions the bank as a business-to-business (B2B) entity, exempt from the Community Reinvestment Act (CRA).
2. The application does not mention XRP, likely due to ongoing legal scrutiny, but does not rule out future integration.
3. Ripple has assembled a team of experienced financial executives, including John McDonald and Stuart Alderoty, to form the initial board of directors.
4. The bank will operate under OCC oversight but will not engage in retail banking activities.
5. Ripple retains full ownership of the proposed banking entity.
Description
Ripple’s ambition to expand its financial infrastructure took a formal step with the release of Volume 1 of its Interagency Charter Application, submitted to the Office of the Comptroller of the Currency (OCC). WrathofKahneman (@WKahneman), a crypto commentator on X, shared an analysis of the document, which outlines the company’s proposal to establish Ripple National Trust Bank . This is a limited-purpose national trust bank that would operate as a wholly owned subsidiary of Ripple Labs and be ...
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