Ripple Striving for a license of the American Charter Bank She achieved a significant obstacle after the independent community of American bankers (ICBA) filed a detailed opposition to the American currency controller office (OCC). The seven -page letter warns that the planned Stablecoin Ripple operations Ripple National Trust Bank (RNTB) It can bypass classic banking regulations, increasing compatibility and concerns about consumer protection.
Ripple is facing an opposition to a bank charter
According to Reports With XRPBank to X social media, Ripple’s ambitions to secure the federal trust bank for its proposed subsidiary RNTB met with piercing resistance from ICBA. In a formal seven -page opposition letter addressed to Sebastian R. Astrada, OCC license director, ICBA outlined a series of fears about the potential risks posed by Ripple’s operations and banking goals.
The main opposition of ICBA focuses on the RNTB proposed by RNTB to manage reserves for planned Stablecoin, Rlusdand the provision of related trust services. While the National Trust Bank is legally excluded to accept deposits, ICBA claims that RLUSD may imitate the function of deposits, potentially allowing ripple to bypass the established banking provisions.
The letter additionally accuses Ripple and XRP of the history of non -compliance with Requirements for washing money laundering and provisions regarding securities. Despite the acquisition of Crypto Payments Legal win on the American SECICBA suggested in its letter that such achievements of regulatory uncertainty justify an escalate in security.
ICBA also warned that the Ripple offer about the national license of the charter bank may blur the boundaries between classic banking activities and the field of digital assets. According to the commercial group, such a move could Expand banking activities to the cryptocurrency sector Without a supervision congress when he created a National Trust Bank card.
Calling OCC to impose more severe regulatory control, ICBA signaled deep reservations about enabling a blockchain driven company, such as ripple for activities under a card usually related to conservative confidant management. ICBA has a long objection, stating that the approval of the RTNB card may allow a non -traditional institution to provide payment services without sufficient regulatory supervision, providing a risk of consumer protection and the integrity of the banking sector.
Wider regulatory and industry implications
In addition to the specific Ripple matter regarding the offer of the American Charter Bank license, the ICBA position reflects the growing Anxiety among classic financial institutions Towards the integration of Stablecoin with the Main Banking Family. The opposition emphasizes the ongoing industry debate on whether Stablecoin emitters, such as Ripple They should be subject to the same security as deposit banks, especially when their products can operate in similar capacity.
ICBA arguments suggest that the RNTB permission to act as a proposal may set a precedent enabling other fintech and blockchain companies to circumvent conventional banking control under the guise of operations of the trust bank. The dispute also emphasizes the regulatory voltage between innovations and compliance with the digital asset sector. Supporting his opposition, ICBA quoted earlier enforcement activities undertaken against Ripple, including US Department of Justice and the issue of Finnce, in which the cryptographic company paid a penalty for USD 700,000 for lack of registration as a service as a service and maintaining an appropriate AML program.
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