Ripple CEO Brad Garlinghouse reacted The company has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Ripple National Trust Bank. Top management described this as “big news.”
As reported by U.Today, the San Francisco-based enterprise blockchain company received conditional approval along with several other crypto companies.
This is a federal banking charter, the same type of charter that major U.S. banks operate under.
In a celebratory social media post, Garlinghouse emphasized that stablecoins will be fully regulated products at both the federal and state levels.
“What are you scared of?”
Several major U.S. banking associations have publicly announced called The Office of the Comptroller of the Currency (OCC) has sought to block or delay National Trust Bank charter applications from crypto companies.
These groups argued that the charter could give crypto companies a competitive advantage without incurring similar regulatory burdens.
The Banking Policy Institute, which represents dozens of large U.S. banks, opposed Ripple and Circle’s application.
Garlinghouse took aim at the banking lobby in a social media post, pointing out that the crypto industry prioritizes compliance and trust.
“You complain that cryptocurrencies don’t follow the same rules, but the cryptocurrency industry here falls directly under OCC oversight and standards, prioritizing compliance, trust, and innovation for the benefit of consumers. What are you so afraid of?” he asked.
