Ripple’s Bank Charter: A New Era or Just More Crypto Nonsense?

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Ah, the ever-entertaining world of crypto, where even the most unconventional of characters, like Ripple, now seeks to don the mantle of a national bank charter. 💸🎩

This, my dear friends, would enable crypto firms to settle payments with the swiftness of a well-rehearsed vaudeville act, while also boosting legitimacy after years of regulatory uncertainty. 🕵️♂️

But first, the Office of the Comptroller of the Currency, that venerable institution, must give its nod of approval. One can only imagine the hushed tones of deliberation in their marble halls. 🏛️

And, in a move that would make even the most seasoned financial strategist raise an eyebrow, Ripple is also pursuing a Fed Master account. A direct line to the Federal Reserve’s payments infrastructure? How… convenient. 🤠

Here’s what’s known so far

Ah, the tantalizing details! Let us delve into the revelations from the crypto community’s very own detective, Wrathofkahneman. 🕵️♂️

📰📰#Ripple’s OCC Banking License application is now available! Vol. 1 is the public release. The application provides some clues about Ripple’s intentions and structure to consider.
1/6

— WrathofKahneman (@WKahneman) August 2, 2025

The application, now publicly available, is a veritable treasure trove of insights. One might say it’s as enlightening as a well-timed punchline. 📚

“Ripple Labs acting as a sponsor proposes to form Ripple National Trust Bank, a de novo national trust bank to be chartered by the Office of the Comptroller of the Currency (the OCC).” A de novo bank? How refreshingly original. 🗽

The Trust Bank will be headquartered in New York and will be a wholly owned subsidiary of Ripple Labs. Once chartered, it “will conduct activities that complement Ripple’s stablecoin (RLUSD) and other payments businesses, including management of stablecoin reserves and related fiduciary services.” A trust bank? How… trusty. 🤝

The Trust Bank will have a five-member board of directors consisting of five organizers, including Ripple’s Chief Legal Officer Stuart Alderoty. A five-member board of directors, each as enigmatic as a cryptic poem. Among them, the ever-esteemed Stuart Alderoty, whose legal acumen is as sharp as a well-polished cane. 🎩

Though XRP is notably absent from the application, one can’t help but wonder if the specter of the digital asset will soon make an appearance. After all, in the world of crypto, nothing is ever truly ‘nothing’. 🌀

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2025-08-02 19:14