Ripple, a leading enterprise blockchain firm, has secured conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish Ripple National Trust Bank. This significant development was enthusiastically described as "huge news" by Ripple CEO Brad Garlinghouse, who highlighted that it means stablecoins will now be fully regulated products at both federal and state levels.

The federal bank charter granted to Ripple is the same type under which major U.S. banks operate. This approval gives Ripple a formal and foundational presence within the U.S. federal banking system, a move anticipated to facilitate broader services for both its cryptocurrency and traditional finance clients. The conditional nature of the approval is standard practice for new bank charters, enabling the OCC to ensure that all federal banking rules are met before operations commence.

Ripple was part of a cohort of crypto firms receiving such approvals. Alongside Ripple, First National Digital Currency Bank (Circle) also obtained a de novo (brand new) national trust bank charter. Furthermore, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company were granted permission to undergo state-to-national conversions. These approvals integrate key players in the crypto industry more deeply into the regulated U.S. banking framework, which comprises over 1,000 national banks collectively managing $17 trillion in assets and $85 trillion in trust assets.

The path to these approvals was met with resistance from established financial institutions. Several major U.S. banking associations, including the Bank Policy Institute—which represents dozens of large U.S. banks—publicly urged the OCC to either block or slow down national trust bank charter applications from crypto firms. Their primary concern was that these charters could grant crypto firms competitive advantages without subjecting them to the same regulatory burdens faced by traditional banks.

In response, Garlinghouse directly challenged the banking lobby through his social media post. He emphasized the crypto industry's dedication to compliance and trust, stating, "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?" This statement underscores Ripple's commitment to operating within stringent regulatory frameworks while fostering innovation for consumer benefit.