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Highlights
- The OCC's crypto custody rule sparks optimism within the XRP community.
- The rule signals increased XRP adoption and XRPL integration.
- The development marks a key step towards US banks' increased use of XRP.
XRP news: the U.S. Office of the Comptroller of the Currency’s (OCC) recent crypto custody rule has sparked optimism, especially within the Ripple ecosystem.
Notably, the OCC issued a landmark interpretive letter, enabling federally chartered banks to provide cryptocurrency custody, stablecoin-related services, and operate blockchain nodes without prior regulatory approval. This has sparked hopes for increased XRP adoption and growth.
XRP News: OCC’s Crypto Rule to Boost Ripple Coin Adoption
In a recent development, the Office of the Comptroller of the Currency clarified that federally regulated banks could engage in crypto activities without prior approval. Addressing the OCC’s decision to allow banks to custody crypto and handle stablecoin activities, Acting Comptroller of the Currency Rodney E. Hood stated, “The OCC expects banks to have the same strong risk management controls in place to support novel bank activities as they do for traditional ones.”
While this move is expected to alleviate pressure on banks with cryptocurrency ties, the Ripple ecosystem is anticipating a surge in XRP adoption. According to analyst Amonyx, the OCC’s announcement is a bullish development for XRP.
How Will OCC Rule Impact XRPL?
In addition to crypto custody and stablecoin activities, the OCC allows banks to participate in blockchain networks like the XRP Ledger (XRPL). By eliminating the need for prior approval, the OCC has significantly reduced regulatory hurdles, paving the way for banks to adopt blockchain-based solutions.
Interestingly, the XRP Ledger stands out as a highly scalable and efficient blockchain, specifically designed for institutional-grade financial transactions. Thus, the recent rule could mark a milestone for the Ripple ecosystem, with more banks integrating XRPL.
In addition, Ripple’s launch of its stablecoin, RLUSD, provides a seamless path to adoption, driving increased utility for XRP. It is noteworthy that the increased use of RLUSD directly translates to greater utility for XRP.
This development comes following growing anticipations of the imminent settlement of the Ripple vs SEC lawsuit.
OCC Rule Signals US Banks’ XRP Adoption
The XRP community has been eagerly awaiting US banks’ adoption of XRP and integration of the XRPL. Significantly, the OCC’s new development is a key step towards the increased adoption of XRP and other cryptocurrencies into the mainstream finance. In addition, the community is also anticipating the launch of an XRP ETF, fueled by the SEC’s progressive stance.
The American Bankers Association has expressed its support for the OCC’s new rule, acknowledging it as a positive development. In an official statement, ABA cited, “Banks have a critical role to play in the digital asset ecosystem, which has the potential to be a catalyst for change in traditional financial markets, and the OCC’s actions today are an important step toward enabling that success.”
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