Major US Crypto Firms Seek Bank Licences
Key Takeaways
Several major crypto companies in the United States are currently actively pursuing banking licences. Their goal is to operate within clear legal frameworks. Companies like Coinbase, Circle, Paxos, and BitGo are among the pioneers of this development. Notably absent, however, is Ripple – despite its close ties to the traditional financial sector. Well-known lawyer John Deaton publicly expressed his surprise at this.
Crypto Companies Push into the Regulated Banking Sector
In the U.S., regulation of the crypto market is increasingly taking shape. Authorities are especially calling for clear rules in the area of stablecoins (cryptocurrencies pegged to the U.S. dollar). In this context, several crypto firms are seeking to obtain banking licences.
According to a report by the Wall Street Journal, Circle, BitGo, Coinbase, and Paxos are among those currently exploring the possibility of applying for a banking licence. With such a licence, these companies could operate like traditional banks – under direct supervision by financial regulators and with access to the traditional banking system.
Ripple Remains on the Sidelines – For Now
It comes as a surprise that Ripple is not among the companies currently pursuing a banking licence. John Deaton, a prominent supporter of Ripple and legal advocate for XRP investors, expressed his astonishment on the platform X (formerly Twitter): “Surprised not to see Ripple on this list. It was only a matter of time.”
Ripple is known for its solutions in the area of cross-border payments and has worked closely with banks and financial institutions for years. A banking licence would align well with the company’s strategic direction.
Possible Reasons for Ripple’s Caution
One possible reason for Ripple’s caution could be the ongoing legal proceedings with the U.S. Securities and Exchange Commission (SEC). Although a joint motion to suspend the proceedings was recently filed – suggesting a possible settlement – legal uncertainty remains until a final resolution is reached.
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Additionally, Ripple is already pursuing an expansive strategy in the institutional space. The acquisition of prime brokerage service provider Hidden Road for USD 1.25 billion shows that Ripple is continuing to strengthen its position in the financial sector – even without a banking licence.
Market Trends and XRP Price
At the time of publication, the price of XRP stood at USD 2.09 – a decline of 1.10% within 24 hours. Despite this slight drop, overall market sentiment remains positive. The global market capitalization of all cryptocurrencies recently rose by 0.58% to USD 2.76 trillion. This indicates growing investor confidence in digital assets.
Our Assessment
The move toward banking licences demonstrates that crypto companies increasingly aim to institutionalize. Their objectives: greater legal certainty, regulatory acceptance, and access to traditional financial services. Ripple is currently staying on the sidelines, which is surprising given its previous strategy. However, this could change once the SEC case is resolved.
What this means for you as a user or investor: The crypto industry is continuing its shift toward the mainstream. Providers with banking licences may soon offer more stable and regulated services – a potential advantage in terms of trust and security.
Sources
- Wall Street Journal
- X (formerly Twitter) – John Deaton
| Symbol | XRP |
| Coin type | Alt Coin |
| Transaction Speed | High |
| Pros |
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| Cons |
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| Further practical applications | |
| Price | $2.20 |
| 24h % | 2.66 % |
| 7d % | 5.97 % |
| 30d % | -10.86 % |
| 60d % | -11.01 % |
| 1y % | 318.15 % |
| Official Links | Website |
| Socials | X |
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