Ripple CEO Brad Garlinghouse has reacted to the company receiving conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to create Ripple National Trust Bank. The top executive has described this as "huge news."
As reported by U.Today, the San Francisco-based enterprise blockchain firm received conditional approval alongside some other crypto firms.
It is a federal bank charter, which is the same type of charter that major U.S. banks operate under.
In his celebratory social media post, Garlinghouse has stressed that the stablecoin becomes a fully regulated product at both the federal and state levels.
"What are you afraid of?"
Several major U.S. banking associations publicly called on the Office of the Comptroller of the Currency (OCC) to block or slow down national trust bank charter applications from crypto firms.
These argued that the charters could give crypto firms competitive advantages without the same regulatory burdens.
The Bank Policy Institute, which represents dozens of major U.S. banks, opposed the applications from Ripple and Circle.
Garlinghouse took aim at the banking lobby in his social media post, noting that the crypto industry prioritizes compliance and trust.
"You’ve complained that crypto isn’t playing by the same rules, but here’s the crypto industry – directly under the OCC's supervision and standards – prioritizing compliance, trust, and innovation to the benefit of consumers. What are you so afraid of?" he asked.
Dan Burgin
Vladislav Sopov
U.Today Editorial Team