The blockchain payment company Ripple Labs announced it has obtained money transmitter licenses from the financial regulators of Texas and New York. This expansion brings Ripple's total licenses across various jurisdictions to over 50.
Key Developments
Licensing Milestone:
- Texas Department of Banking and New York State Department of Financial Services approved Ripple's applications.
- Enables Ripple to offer cross-border payment solutions in the U.S.
Regulatory Significance:
- Texas and New York are critical hubs for crypto mining and digital asset businesses.
- Licenses follow NYDFS's approval of Ripple's RLUSD stablecoin in December 2025.
Ongoing Legal Challenges
SEC vs. Ripple Case:
- Appeals pending in the Second Circuit Court after a 2024 ruling fined Ripple $125 million.
- Case stems from SEC's 2020 lawsuit alleging XRP was an unregistered security.
Political Connections
Ripple executives Brad Garlinghouse (CEO) and Stuart Alderoty (CLO) maintain ties with former President Donald Trump:
- Donated $5M in XRP to Trump’s inauguration fund.
- Attended private meetings at Mar-a-Lago in January 2025.
- Garlinghouse credited Trump’s policies for 75% of Ripple’s U.S.-based job openings.
FAQ Section
Q: What does Ripple’s new license allow?
A: It permits cross-border money transfers in Texas and New York, expanding Ripple’s U.S. payment services.
Q: How many licenses does Ripple hold globally?
A: Over 50 across multiple jurisdictions, per company reports.
Q: Why is the SEC suing Ripple?
A: The SEC alleges XRP was an unregistered security; Ripple disputes this in ongoing appeals.
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