Forty-two banks, represented by the Bank Policy Institute, oppose Ripple’s federal banking charter application, raising concerns over regulatory and structural issues.
Ripple’s proposal involves offering stablecoin services through RLUSD, custody for digital assets, and access to the U.S. Payment system, which traditional banks find unsettling.
Ripple continues to navigate its legal battle concerning XRP’s status as a security, symbolizing the conflict between decentralized finance and traditional banking systems.
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