A New Regulatory Pathway for Ripple

The OCC’s approval marks an important step in Ripple’s effort to operate under direct federal oversight. With this charter, the company aims to enhance its custody and institutional digital asset services through a more robust regulatory infrastructure. Ripple’s application makes clear that the entity will not serve as an issuer for its U.S. dollar-pegged RLUSD stablecoin, indicating that the charter is intended primarily for custody and asset servicing rather than stablecoin issuance.

OCC’s Broader Stance Toward Financial Innovation

Ripple is not the only firm receiving conditional approval. The OCC’s announcement also referenced similar decisions for other digital asset-focused companies—including BitGo, Paxos, Fidelity Digital Assets, and Circle—reflecting the regulator’s willingness to integrate innovative financial institutions into the national banking system. Comptroller of the Currency Jonathan Gould emphasized that new entrants strengthen competition and help ensure that the federal banking system evolves alongside modern financial technology.

For Ripple, which has navigated regulatory uncertainty in the United States for years, this development provides clearer operational footing. A federally chartered structure brings institutional customers a higher degree of compliance assurance, particularly for custody services that require strict oversight.

Ripple’s Position Strengthens in the U.S. Market

The conditional charter has the potential to significantly expand Ripple’s service capabilities within the U.S. financial sector. As a National Trust Bank, Ripple will be able to engage with institutional clients under a transparent and regulated framework, reinforcing the company’s long-term strategy in digital asset infrastructure.

As more crypto-focused companies pursue regulated banking channels, Ripple’s approval positions it as one of the sector’s leading players in compliance-oriented institutional services. The industry will now be watching to see how Ripple leverages its charter to broaden its product suite and solidify its role in the emerging digital finance landscape.

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Authority to Hold Crypto for Blockchain Network Fees Becomes Official

In Interpretive Letter No. 1186, published on Tuesday, the OCC stated that banks may hold a certain amount of cryptocurrency as required for operational needs. Under this framework, banks may keep crypto assets on their balance sheets to:

• conduct transactions on blockchain networks,
• pay gas fees required on behalf of customers,
• use the necessary tokens during custody or transfer services.

The OCC emphasized that this decision aligns with the U.S. stablecoin bill (“National Innovation Guidance and Establishment Act”) and is necessary for banks to effectively carry out permitted digital-asset activities.

What Changes for Banks?

The new regulation removes one of the biggest obstacles banks faced when operating on blockchain-based platforms. Networks such as Ethereum, Solana, and Avalanche require native tokens to process transactions. Before this clarification, banks were extremely cautious about holding these tokens due to regulatory uncertainty.

With the new rule:

• banks can pay gas fees directly using crypto assets,
• digital asset custody operations will become faster and more efficient,
• blockchain infrastructure can be utilized more comfortably in internal banking operations.

This step makes Web3 integration far smoother for traditional financial institutions.

A New Era for U.S. Regulators

The timing of the decision is notable. The Federal Reserve, FDIC, and the U.S. Treasury are currently working on new stablecoin regulations. Combined with the crypto-friendly stance of the Trump administration, a more “innovation-driven” regulatory perspective is becoming influential.

Under Comptroller Jonathan Gould appointed by President Trump the OCC has begun abandoning its years-long caution, granting national banks a broader operational scope in digital assets. This latest announcement is seen as one of the clearest examples of that shift.

Overall Assessment

The OCC’s decision coming from one of the most influential banking regulators in the U.S. — marks a major step toward aligning the crypto sector with traditional finance. Banks will no longer remain passive observers of the blockchain ecosystem; they will be directly integrated into its operational mechanics. This could create significant momentum for institutional crypto adoption in the years ahead.

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Coinbase stated that the strategic goal of the application is to “build a bridge between the crypto economy and the traditional financial system.” However, the company emphasized that it does not intend to obtain a banking license. The statement said, “Clear rules and the trust of our regulators give us the opportunity to innovate. At the same time, they help us ensure appropriate oversight and security.”

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License Acts as a Bridge Instead of a Bank

Former Coinbase employee Luke Youngblood said the new license will enable the company to build its own payment and transfer infrastructure. This means Coinbase will be able to offer on-ramp and off-ramp transactions directly, without needing partner banks. Youngblood also revealed that Coinbase’s retail application has significantly evolved since 2022. He then noted that it operates more efficiently thanks to its “high-level engineering capabilities.”

Meanwhile, analyst Brendan Pedersen pointed out that trust companies have a more limited scope of activity compared to banks, but that this difference has been narrowing in recent years.

Circle and Ripple Join Coinbase’s Move

Coinbase’s application coincided with similar moves by other crypto companies. On July 1, stablecoin issuer Circle applied for a national trust bank license. Ripple Labs soon followed suit, applying for the same license. Ripple CEO Brad Garlinghouse said this approval would be “a new and unique benchmark of trust” in the stablecoin market.

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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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The company has officially applied to form a national trust bank, aiming to oversee its USDC reserves and offer custodial services under federal regulation. If approved by the Office of the Comptroller of the Currency (OCC), Circle would be granted the authority to operate nationwide as a federally regulated trust institution.

What a National Trust Bank Status Means

According to Circle, the establishment of the First National Digital Currency Bank would:

• Strengthen the issuance and circulation infrastructure of USDC,
• Provide custody services for institutional clients,
• Eliminate the need for separate state-based money transmitter licenses.

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This move also aligns with pending legislation like the GENIUS Act, which passed the U.S. Senate and is under review in the House. The act introduces a regulatory framework specifically for U.S. dollar-pegged stablecoins.

Other Crypto Players Are Watching

Circle isn’t alone in pursuing a national bank charter. According to reports, several other firms—including the digital assets division of Fidelity—are also exploring similar regulatory paths. Notably, Anchorage Digital Bank was the first to obtain such a charter in 2021.

Meanwhile, Circle Internet Group’s shares have remained relatively stable, with a slight gain of 0.48% to $181, followed by a 1.30% decline to $178 in after-hours trading.

These developments indicate growing institutional momentum in the crypto space and reflect a broader trend toward compliance and trust in digital finance.

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XBTF contracts are cash-settled and settle in the afternoon on the last business day of each month, eliminating the complexities of physical Bitcoin delivery and offering flexible access to BTC exposure. The product is exclusively listed on Cboe Futures Exchange, LLC (CFE).

A Tool for Risk Management and Exposure

Catherine Clay, Global Head of Derivatives at Cboe, emphasized that XBTF provides market participants with a new tool for managing BTC risk or gaining price exposure in a regulated, centralized clearing environment.

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The new XBTF futures complement previously launched cash-settled options on the Cboe Bitcoin U.S. ETF Index, namely CBTX and MBTX. Each product is designed to manage BTC volatility on its own, while together they offer the flexibility for more advanced strategies.

Like other Bitcoin derivatives, XBTF futures are cleared through the OCC, enhancing transparency and market trust.

Institutional Demand Strengthens

Institutional participants are showing growing interest. Barak Capital, a long-time liquidity provider for Cboe markets, confirmed its intent to support XBTF trading actively.

Similarly, Tom Chlada, COO at Prime Trading LLC, shared enthusiasm for the product, noting the firm’s alignment with Cboe’s efforts to deliver a “best-in-class trading experience” to crypto investors.

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While the full scope of the investigation remains unclear, the El Dorado Task Force has reportedly reached out to former Anchorage employees to inquire about internal compliance practices. The unit focuses on dismantling global money laundering networks.

Regulatory History Raises Questions

Back in April 2022, the OCC issued a consent order against Anchorage over weak customer due diligence and anti-money-laundering (AML) controls. Anchorage responded by pledging to improve its compliance efforts and continues to operate under that consent order.

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The probe comes at a time when Anchorage is actively marketing its regulated status to lawmakers. CEO Nathan McCauley recently attended a Digital Asset Summit at the White House and has positioned himself as a vocal critic of “debanking.” His close ties with the Trump camp — including public appearances with White House crypto advisers — have raised eyebrows among regulators.

Strategic Board Appointments to Navigate Compliance!

To help manage increasing scrutiny, Anchorage has added former regulators and bankers to its board. Notable additions include Connie Shoemaker (formerly of Goldman Sachs) and Julie Williams (former OCC general counsel). Former SEC crypto investigator TuongVy Le recently stepped back from her role as general counsel.

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