Ripple Seeks National Bank Status as OCC Final Rule Takes Effect

The US Office of the Comptroller of the Currency (OCC) has finalized its rule on national trust bank activities, which is set to take effect on April 1. This rule allows certain companies to become national trust banks, subject to regulatory approval.

Ripple, a leading player in the cryptocurrency industry and issuer of XRP, may be among those eligible to apply for national trust bank status under this new rule.

If successful, Ripple would join a select group of institutions that are granted the authority to engage in a wide range of banking activities, including accepting deposits and making loans.