According to Garlinghouse, recent discussions involving members of Congress and representatives from the White House have accelerated progress. He noted that leaders from both the crypto sector and traditional financial institutions have been participating in meetings, signaling broader alignment around the need for clearer rules. After months of uncertainty, he suggested that the political appetite to move forward has strengthened.

Clarity Defining Regulatory Boundaries for Digital Assets

At the core of the CLARITY Act is a long-standing question: which digital assets should be classified as securities, and which should fall under the oversight of the Commodity Futures Trading Commission (CFTC). The bill aims to resolve this jurisdictional ambiguity, which many in the industry argue has hindered innovation and weighed on market sentiment.

Debate around the proposal has centered in part on stablecoin reward mechanisms and whether crypto platforms should be permitted to offer yield-like incentives to users. Reports indicate that March 1 has been identified as a target date to advance negotiations on key sticking points.

Garlinghouse acknowledged that the legislation may not be perfect but emphasized that it would represent a meaningful step forward compared to the current regulatory gray area. He referenced Ripple’s own legal clarity, noting that a federal court previously ruled that XRP is not a security, while much of the broader industry remains without comparable certainty.

Institutional Interest Remains Strong

Despite recent volatility across digital asset markets, Garlinghouse said institutional interest continues to grow. Corporate treasurers and financial institutions are increasingly exploring stablecoins, liquidity management solutions, and cross-border payment infrastructure.

Since 2023, Ripple has deployed nearly $3 billion toward acquisitions, expanding into custody services, prime brokerage, and treasury management. The company now plans to pause major deals temporarily to focus on integration efforts.

Garlinghouse also observed that traditional financial firms are seeking clearer regulatory frameworks to compete on equal footing in the evolving digital asset landscape. Meanwhile, prediction market Polymarket currently assigns an 82% probability that the CLARITY Act will pass before year-end, underscoring rising expectations that legislative progress may finally be within reach.

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In a strategic move that could reshape the stablecoin landscape, Ripple has officially applied for a banking license in the United States—bringing crypto one step closer to the heart of the financial system.

Following Circle’s Lead in the Banking Race

Ripple CEO Brad Garlinghouse confirmed via X that the company has submitted an application to the Office of the Comptroller of the Currency (OCC) for a national banking charter. If approved, Ripple USD (RLUSD) will be under federal and state regulatory oversight, complementing the supervision already in place by the New York Department of Financial Services.

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This move closely follows Circle’s similar application to create a national trust bank for overseeing USDC reserves. The GENIUS Act, recently passed by the U.S. Senate, appears to be accelerating such actions by laying out a clear framework for stablecoin issuers under OCC supervision.

Ripple Aims for Fed-Level Access

Going a step further, Ripple has also applied for a Master Account with the Federal Reserve. This access would enable the firm to hold RLUSD reserves directly with the central bank—enhancing transparency and trust in its stablecoin infrastructure.

The application was submitted via Standard Custody, a crypto custody firm acquired by Ripple in February 2024.

Following these announcements, XRP surged over 3%, reaching $2.27 according to CoinGecko—signaling investor confidence in Ripple‘s regulatory strategy.

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ETF Approval Odds Increase by 13% 

Prediction market platform Polymarket reports a sharp rise in expectations for XRP spot ETF approval. This week, the approval odds jumped from 70% to 83% in just a few days. Interestingly, this surge occurred despite the SEC delaying some XRP ETF applications. 

Bitwise, CoinShares, Franklin Templeton, and Grayscale are among the asset managers whose applications are under SEC review. Analysts note that such delays are expected. Decisions are anticipated in October. The ETF community states that such postponements are normal during the review process. Back in May, the SEC also postponed several other crypto ETF proposals besides Ripple’s. 

Ripple CEO Brad Garlinghouse shared key insights on XRP ETFs in the latest episode of the “Crypto in One Minute” podcast. He described ETFs as tools that make crypto investment more accessible to institutional investors. 

Garlinghouse said: 

“Wall Street and other institutional investors have had difficulty accessing crypto markets directly. With ETFs, they can now invest through regulated financial products instead of relying on crypto exchanges or self-custody wallets.” 

He also pointed out the rapid growth of Bitcoin ETFs: 

“Bitcoin ETF became the fastest ETF to reach $1 billion in assets. It surpassed $10 billion faster than any other ETF.” 

Garlinghouse expects continued institutional interest that will encourage the launch of more products, including Ripple-linked ETFs. 

XRP Futures ETFs: New Market Entrants 

Despite delays in spot ETF decisions, major developments are happening in the market. Volatility Shares launched the first XRP futures ETF on Nasdaq under the ticker XRPI. This came shortly after CME Group introduced an XRP futures product on May 19. 

These futures provide investors with regulated access to contracts based on XRP’s future price. Similar products already existed for Bitcoin and Ethereum. Tectrium also introduced a leveraged product named the 2x Long Daily XRP ETF. 

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“The launch of XRP futures on CME Group marks a significant institutional milestone for XRP.” Garlinghouse also noted that liquidity provider Hidden Road executed the first block trade at the opening. 

CME XRP Futures and Their Features 

CME Group offers two types of futures contracts: Micro XRP futures representing 2,500 XRP and standard futures covering 50,000 XRP. Both contracts are based on the CME CF XRP-Dollar Reference Rate, providing investors with a transparent and reliable trading platform. The cash-settled structure enables institutions to take positions without holding XRP, and an increase in institutional demand is expected. Crypto lawyer Bill Morgan highlighted that this structure is attractive to institutions. Additionally, the futures enhance price discovery and hedging options. 

The company Global Head of Crypto Products, Giovanni Vicioso, stated that demand for XRP comes from both retail and institutional investors. As a result, CME’s move accelerates Ripple’s mainstream adoption. The recent launch of an XRP ETF in Brazil indicates growing global interest. However, spot XRP ETFs in the U.S. are yet to be approved. CME’s trusted platform supports XRP’s institutional adoption. 

Additionally, XRP’s current market capitalization is approximately $138.9 billion. As of May 20, the price is trading at $2.37. 

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According to DonorsChoose CEO Alix Guerrier, many teachers spend hundreds or even thousands of dollars out of their own pockets to improve classroom experiences. Ripple’s donation seeks to alleviate that burden and strengthen access to critical learning resources.

Ripple Aims To Set an Example

Ripple CEO Brad Garlinghouse emphasized the goal is not just financial support, but a call to action. “We hope to inspire others to do the same, starting with Teacher Appreciation Week,” said Garlinghouse. “Students and teachers deserve the resources to build a stronger future.”

The funds will help Teach For America scale its Ignite Tutoring Fellows program, expand its Reinvention Lab, and offer vital financial support for preparing teachers.

This is part of a broader trend of crypto-fueled philanthropy. Binance co-founder Changpeng “CZ” Zhao recently donated over $500,000 in crypto to earthquake relief efforts in Southeast Asia. The Giving Block expects crypto donations to reach $2.5 billion by 2025.

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The Chicago-based firm announced on March 19 via X that its CFTC-regulated XRP futures would be available to existing users starting March 20.

“Bitnomial is launching the first-ever CFTC-regulated XRP futures in the US. Plus, as regulatory clarity improves, we’ve voluntarily dismissed our case against the SEC,” the firm stated.

Bitnomial vs. SEC: Legal Dispute Overview

Bitnomial filed for self-certification with the CFTC in August 2024 to list XRP futures, but the SEC blocked the move, arguing that the company must first register as a securities exchange. On October 10, Bitnomial sued the SEC and five commissioners, alleging that the regulator was overstepping its jurisdiction by classifying XRP as a security.

Ripple’s Legal Battle with the SEC

This development comes after Ripple CEO Brad Garlinghouse revealed that the SEC had opted not to continue its appeal against a ruling stating that XRP is not a security for retail sales.

On July 13, 2023, Judge Analisa Torres ruled that XRP does not qualify as a security when sold to retail investors, though it does meet the Howey Test criteria when sold to institutional investors.

Meanwhile, under the Trump administration, the SEC has been reversing its hardline stance on crypto regulations established under Gary Gensler. Acting SEC Chair Mark Uyeda, who replaced Gensler on January 20, announced on March 17 plans to scrap a proposed Biden-era rule tightening crypto custody standards.

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Trump Administration and Crypto Policies

Since taking office, Trump and Republican lawmakers have introduced discussions on digital asset regulations, banning central bank digital currencies, and establishing a strategic crypto reserve. Under Trump’s leadership, the SEC has dropped investigations into many crypto firms.

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Who Will Attend the Summit?

Alongside Trump, notable figures such as Ripple CEO Brad Garlinghouse, MicroStrategy Chairman Michael Saylor, Chainlink Co-Founder Sergey Nazarov, Exodus CEO JP Richardson, and crypto advisor Bo Hines will attend the event. Coinbase CEO Brian Armstrong, Gemini founders Cameron and Tyler Winklevoss, and Kraken founder Jesse Powell are also expected to join.

This summit marks the first major gathering of digital asset leaders at the White House. However, the official agenda for the meeting has yet to be announced.

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According to SaylorTracker, MicroStrategy currently holds a total of 461,000 BTC, valued at approximately $48.4 billion, surpassing the Bitcoin holdings of the U.S. government. The company’s Bitcoin investment has yielded a gain of over 65%, with unrealized profits exceeding $19 billion.

Bitcoin’s price fell from its January 20 all-time high of $108,786 to $101,233 on January 23, following President Trump’s announcement of a new strategy for a digital asset reserve.

Trump’s Digital Asset Reserve Plan

On January 23, President Trump signed an executive order establishing the “Working Group on Digital Asset Markets.” This group will work on the U.S. national digital asset stockpile, though Bitcoin was not specifically mentioned in the plan. This omission sparked debates within the crypto community.

While some crypto investors welcomed the move, Bitcoin maximalists strongly opposed the potential inclusion of altcoins in the digital asset reserve. Bitcoin advocate Max Keiser criticized the initiative, stating, “Trump’s support for altcoins could set America back in the crypto race.”

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Similarly, Riot Platforms’ VP of Research, Pierre Rochard, accused Ripple of lobbying the U.S. government to create a strategic reserve composed of various altcoins instead of Bitcoin. Ripple CEO Brad Garlinghouse confirmed these lobbying efforts but clarified that any digital asset reserve would also include Bitcoin.

MicroStrategy’s Bitcoin Strategy

Despite the market volatility, MicroStrategy CEO Michael Saylor continues to view Bitcoin as a long-term strategic asset. The company perceives market pullbacks as an opportunity to accumulate more Bitcoin, staying committed to its aggressive acquisition strategy since 2020.

MicroStrategy’s Bitcoin holdings have now exceeded those of the U.S. government, setting an example for institutional investors seeking to adopt Bitcoin as part of their portfolios.

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In its January 15 filing to the Second Circuit Appeals Court, the SEC requested the overturn of the decision and for XRP sales to retail investors to be classified as unregistered securities. The SEC also argued that XRP distributed as employee compensation and in business deals should be deemed securities.

Allegations Against Ripple

The SEC claimed that Ripple’s promotional efforts made XRP an investment contract, fulfilling the requirements of the Howey Test, which defines securities. However, in July 2023, Judge Analisa Torres ruled that XRP was a security when sold to institutions but not when sold to retail investors through exchanges, as these investors didn’t know the seller.

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Ripple CEO Brad Garlinghouse criticized the appeal, saying, “The SEC is doing the same thing over and over and expecting different results.” Ripple’s Chief Legal Officer Stuart Alderoty also dismissed the SEC’s arguments as “a rehash of already failed claims.”

XRP and Market Reaction

The appeals process could take months, with Ripple submitting counter-arguments and the court potentially hearing oral arguments. Ripple has also cross-appealed parts of the case it lost, including a $125 million civil penalty ruling.

Despite the SEC’s filing, XRP surged by 10% in the past 24 hours amid broader crypto market gains.

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Ripple Labs CEO Brad Garlinghouse announced that the New York Department of Financial Services (NYDFS) has approved the company’s RLUSD stablecoin after months of evaluation.

In a post on X on December 10, Garlinghouse stated that following the NYDFS approval, Ripple will soon announce exchange and partner listings for RLUSD. The company had launched plans for this stablecoin in April, positioning it as a competitor to Tether’s USDT and Circle’s USD Coin.

Brad GarlingHouse’s tweet:

Ripple executives have predicted that the stablecoin could reach a market value of $2 trillion by 2028.

The company began testing RLUSD in August on the XRP ledger and Ethereum mainnet, and in October, it announced partnerships with exchanges such as Uphold, Bitstamp, Bitso, MoonPay, Independent Reserve, CoinMENA, and Bullish.

In September, Garlinghouse mentioned that Ripple planned to focus RLUSD on institutional players. As of December 10, the combined market value of USDT and USDC was recorded at approximately $180 billion.

How will Ripple manage both XRP and RLUSD?

Like other USD stablecoins, RLUSD will be pegged 1:1 to the US Dollar.

In April, Ripple announced plans to back the tokens with USD deposits, short-term US Treasury bonds, and “other cash-like assets.”

In June, Ripple President Monica Long stated that RLUSD would be “complementary and additive” to XRP.

Garlinghouse appeared in a 60 Minutes segment aired on December 8, discussing the cryptocurrency industry’s influence on the 2024 United States elections.

Ripple is also engaged in an ongoing legal battle with the US Securities and Exchange Commission (SEC) regarding XRP token offerings.

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