Key Takeaways: Ripple can advance its institutional XRP ambitions without waiting for the CLARITY Act, with its OCC national trust bank charter offering an alternative regulatory pathway.
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Ripple joins 40 OCC applicants as CLARITY Act stalls on XRP
Ripple said Aug. 12 it can advance institutional XRP ambitions without the CLARITY Act, citing its conditional OCC national trust bank charter as an alternative path. It is among 40 de novo applicants the OCC received in 18 months.
"Entities that engage in legally permissible activities, including those involving digital assets and other novel technologies, should have a path to becoming a national bank," Jonathan V. Gould, Comptroller of the Currency, said. "America and the OCC are once again open for business."
The OCC has received 40 de novo applications in the last 18 months, including national trust bank charters. Ripple, Circle, Crypto.com and Paxos have received conditional approval. Erebor Bank, N.A., backed by Palmer Luckey, Joe Lonsdale and Peter Thiel's Founders Fund, became the first full-service national bank to receive final approval in five years. The OCC's 2026 rule clarification permits non-fiduciary activities including crypto custody.
The charter lets crypto companies hold client assets and handle trade settlement inside a federally regulated framework. For Ripple, this means it can pursue institutional XRP expansion without depending on the CLARITY Act's legislative timeline. The CLARITY Act (H.R.3633) remains pending in Congress, and its passage is uncertain.
What the OCC charter unlocks for Ripple
The national trust bank charter does not permit retail deposits or primary lending, but it allows crypto firms to custody assets and manage them under federal regulation. For Ripple, this creates a compliance framework for serving institutional clients seeking exposure to XRP without relying on unregulated venues.
The OCC's de novo push marks a reversal from the past 15 years, when chartering fell sharply. From 2011 through 2014, the OCC received an average of fewer than four charter applications per year, and in some years none at all. The regulator said it has ruled on many applications within 120 days of receiving a complete filing.
Industry pushback and the CLARITY Act's fate
Not everyone supports the OCC's approach. The Independent Community Bankers of America in December urged the OCC to reject Coinbase's national trust bank application, arguing the exchange has "demonstrably flawed risk and control functions." In February, the American Bankers Association asked the OCC to slow its review of crypto companies' charter applications.
The CLARITY Act (H.R.3633), which would provide clearer regulatory classification for digital assets, remains stalled in Congress. Ripple's move suggests the company sees the OCC charter as a more reliable path than waiting for legislative clarity. Coinbase's application remains under review, and World Liberty Financial, the Trump-backed DeFi platform, has also applied.
For XRP holders, the OCC charter reduces regulatory uncertainty around Ripple's institutional strategy. If Ripple can custody assets and settle trades under federal oversight, it may attract institutional flows that would otherwise wait for the CLARITY Act. The next milestone is Coinbase's charter decision, which could set a precedent for how the OCC treats the largest crypto exchanges.
This article is for informational purposes only and does not constitute investment advice.
