Ripple, Circle, and BitGo obtain 'conditional approval' from the U.S. Federal Bank

Source: BlockMedia
Original Title: Ripple, Circle, BitGo Receive ‘Conditional Approval’ for U.S. Federal Banking Authorization
Original Link: https://www.blockmedia.co.kr/archives/1019141
Ripple( and Circle), BitGo( among others, have received conditional approval in the federal licensing process to convert into banks in the United States. This is interpreted as a sign that digital asset) and virtual asset( companies are entering the traditional financial sector in earnest.

The Office of the Comptroller of the Currency)OCC( announced on the 12th) local time( that it granted conditional approval for bank authorization to major digital asset) companies including Ripple, Circle, and BitGo. With this approval, these companies have passed the key procedures to establish official banks in the United States.

The OCC conditionally approved Ripple National Trust Bank(Ripple National Trust Bank) for national trust bank authorization. Ripple is a U.S. digital asset company closely linked with XRP Ledger(XRP Ledger). After meeting additional requirements following this conditional approval, they can obtain full bank authorization.

Circle’s bank application, submitted through a legal entity called ‘First National Digital Currency Bank(First National Digital Currency Bank),’ was also conditionally approved. Jeremy Allaire(Jeremy Allaire), CEO of Circle, stated in a release that “this milestone will provide confidence and assurance as stablecoins and blockchain technology move into mainstream adoption, encouraging global institutions to utilize the Circle platform.”

The OCC also conditionally approved applications for BitGo Bank & Trust(BitGo Bank & Trust), Fidelity Digital Assets(Fidelity Digital Assets), and Paxos Trust Company(Paxos Trust Company) to convert from state trust companies to federal trust banks. These companies will transition from existing state-level regulation to the federal supervisory system.

If digital asset companies secure banking licenses, they will be able to combine digital asset custody and trading functions with traditional financial services. Industry insiders see this as a significant step toward establishing institutional trust across the digital asset industry.

This development aligns with the trend of a friendly regulatory environment for digital assets following the Trump administration’s takeover. Previously, some platforms, certain companies, and Crypto.com(, among others, also applied for federal banking authorization in the United States.