Crypto companies hunting for banking licenses, Ripple lagging behind?

Updated

April 24, 2025

Gambar Crypto companies hunting for banking licenses, Ripple lagging behind?

Jakarta, Pintu News – According to a recent report from the Wall Street Journal, several major crypto companies such as Circle, BitGo, Coinbase, and Paxos are exploring the possibility of getting a banking charter. This move comes in response to a push by US regulators who want to create a clearer framework for stablecoins. In fact, Federal Reserve Chairman Jerome Powell has recognized the importance of a framework for stablecoins in today’s digital age.

Crypto Companies and Banking Licenses

Surprised not to see @Ripple on this list. It was a matter of time. https://t.co/HnyZrupCTP
— John E Deaton (@JohnEDeaton1) April 21, 2025

With the growing interest in digital assets, crypto companies are seeking to obtain banking licenses to operate within a more structured legal framework. This will not only expand their range of services, but also increase trust and security for users.

The banking license allows these companies to function similar to traditional financial institutions, but with the integration of innovative blockchain technology. The move is also a response to a series of industry failures that have prompted regulators to set stricter rules.

With a banking charter, crypto companies can offer a wider range of financial services under the supervision of regulators, increasing transparency and compliance with applicable regulations.

Also Read: Gold or Bitcoin: Which is a Safe Investment Amid US-China Tensions?

Ripple’s (XRP) Absence in License Searches

John Deaton, a lawyer and Ripple advocate, expressed his astonishment at the absence of Ripple on the list of companies seeking banking licenses. Given Ripple’s continued efforts to revolutionize cross-border finance and its deep integration with the traditional financial system, many expected Ripple would be at the forefront of this.

However, Ripple has not yet taken steps to apply for a banking license, which surprised many industry observers. Nonetheless, it is possible that this step could still be taken, especially after resolving the legal dispute with the US Securities and Exchange Commission (SEC). The recent court decision to temporarily halt the XRP case suggests that a settlement may be imminent.

Other Developments on Ripple (XRP)

Ripple recently acquired prime brokerage firm Hidden Road for $1.25 billion, which shows their ambition to deepen their service offerings and strengthen their presence in the institutional market. This shows that Ripple is still focused on the expansion and integration of its services in the global financial system, despite not having applied for a banking license yet.

Meanwhile, Ripple (XRP) was trading at $2.09, a decline of 1.10%. Despite market fluctuations, the general sentiment in the crypto market remains positive with the global market capitalization reaching $2.76 trillion, up 0.58% in the last 24 hours.

Conclusion

With crypto companies increasingly seeking to obtain banking licenses, the future of the industry looks increasingly integrated with the traditional financial system. Although Ripple (XRP) is yet to take this step, its continuous development and expansion shows great potential for future adaptation. Market watchers will be keeping a close eye on Ripple’s next move on the global scene.

Also Read: Polkadot (DOT) Preparing to Surpass Resistance, Is it Time to Buy?

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