🇺🇸 The U.S. Opens the Door to Crypto Banking: Ripple and Circle Receive Approval to Establish Trust Banks
On Friday, December 12, crypto giants Ripple and Circle took a major step toward full integration into the U.S. banking sector. For the first time in recent years, the U.S. Office of the Comptroller of the Currency (OCC) granted preliminary approval for the creation of national trust banks, ushering in a new era for digital finance.
This decision allows companies to:
- Safeguard client assets,
- Accelerate clearing and payment operations,
- Operate as full-fledged trust institutions across all U.S. states.
Although full approval still requires final confirmation, this already marks a historic breakthrough in the interaction between the crypto industry and the traditional financial system. In addition to Ripple and Circle, similar applications have been submitted by BitGo, Paxos, and Fidelity Digital Assets. Until now, Anchorage Digital remained the only crypto company with such a license.
This initiative has drawn criticism from traditional banks, which fear a weakening of regulatory standards and increased risks. However, the OCC emphasizes that competition in the sector is an opportunity for consumers and a driver of innovation.
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