The Office of the Comptroller of the Currency (OCC), which is one of the main US bank regulators, has recently given conditional approval for five crypto companies to become national trust banks.
These five companies are; Ripple, Circle, Bitgo, Paxos and Fidelity Digital Assets. As it is currently conditional approval, each company must still meet further requirements before launching.
Of course, the only company of these five that has a native token that can fluctuate in price is Ripple (XRP). Circle has USDC but this is a stablecoin.
The five companies were all given conditional approval on the same day, as the OCC stated that new entrants help modernize and diversify the banking system.
Ripple CEO Brad Garlinghouse called the approval a “massive step forward” as Ripple looks to become a core financial infrastructure company.
What is a National Trust Bank?
A trust bank is allowed to hold assets for customers, and settle payments. Most importantly they have national approval to do this instead of having to gain approval on a state by state basis.
National trust banks are not allowed to take cash deposits or make loans. So Ripple would not yet be a full-service bank however if given the approval it would certainly set them on the path to becoming one.
Pushback from Traditional Banks
Traditional banks have expressed concern about the inclusion of digital asset companies being allowed under the supervision of the OCC. The Banking Policy Institute questioned whether crypto companies were being given a lighter touch than traditional banks, citing the failure of several exchanges such as FTX crypto exchange.
What is clear however is that crypto companies are increasingly entering the traditional banking space, and that many banks had requested the OCC to reject the applications.
Brad Garlinghouse retorted that these banks actions were “anti-competitive” and now that the crypto companies are under OCC supervision there was little to be concerned about.
Best XRP Wallets
While the conditional approval relates to Ripple as a company rather than its coin XRP, it would likely benefit XRP over the long term.
Ripple’s path to becoming a bank gives XRP a higher level of legitimacy and trust as well as giving it much more public exposure.
If Ripple does become a bank however, this would not be a self custody model, they would still control the private keys or accounts and have to comply with KYC and AML rules. This is effectively the same as traditional banks.
The original ethos of Bitcoin and cryptocurrency was to become your own bank, that is the freedom that generated so much interest. That’s why so many users choose to keep their assets in a self-custody wallet, away from banks.
This way, you can avoid potential account freezes or declined transactions, no longer relying on permission to access your own money.
One wallet that excels in this regard is Best Wallet, a secure and easy to navigate self-custody wallet. Unlike most of its peers, it delivers full financial freedom without sacrificing privacy and security, making it a solid choice for anyone hunting for a personal XRP wallet that offers complete control and better protection.
The absence of identity verification even for advanced trading gives it a competitive advantage over centralized exchanges, ensuring unrestricted access to deposits, trading, and withdrawals without any bureaucratic hurdles. That alone amplifies its appeal among those who prefer to stay off the radar while exploring essential trading and storage tools.
Another key advantage is the ease at which users can navigate the platform, even with minimal experience. The interface is sleek, responsive, and beginner-friendly. Not only that, it is also rich in terms of features, an attribute that has contributed to its widespread use, attracting hundreds of thousands of users worldwide.
First, the wallet supports multiple blockchains, allowing users to diversify their portfolios without having to use centralized exchanges or move their cryptos between wallets all the time. Its ability to handle crypto purchases and swaps without unnecessary delays, combined with built-in portfolio management features and support for other wallets, has made it a preferred tool for those looking to navigate the crypto market without restrictions.
For example, the wallet has over 20 on-ramp providers to enable users purchase cryptocurrencies using fiat. It also has an “Upcoming Token” feature, which allows users to discover upcoming cryptocurrencies and buy them early, directly from the app.
Analysts at 99Bitcoins, a popular crypto YouTube channel with over 730k subscribers, claimed that Best Wallet is the most feature-packed non-custodial tool for buying and storing cryptocurrencies this year. Unsurprisingly, this is just one of the numerous endorsements that the brand has received in 2025 alone.
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