The company has snagged money transmitter licenses in two big states: Texas and New York. That brings their total to over 50 licenses across various jurisdictions.
The progress is unstoppable
In an announcement, Ripple revealed that financial regulators in both states have given them the green light to operate, so this means Ripple can now roll out its cross-border payment solutions right here in the U.S.
If you’ve ever tried sending money overseas, you know how much of a hassle it can be, and Ripple is here to change that game.
They’re stepping into states known for their strict regulations and compliance standards.
Texas is home to a ton of mining companies, while New York has a bustling digital asset scene.
So, if crypto adoption takes off, these regulators could play a major role in shaping the future for firms like Ripple.
New offerings, new expansions?
This licensing news comes hot on the heels of Ripple CEO Brad Garlinghouse’s December announcement that their RLUSD stablecoin got the thumbs-up from the New York Department of Financial Services.
That coin is set to hit crypto exchanges soon, and we don’t know yet what will be the consequences.
Now, let’s not forget about the elephant in the room, Ripple’s ongoing legal drama with the SEC. Back in 2020, the SEC filed a case against Ripple over its XRP token.
Fast forward to August 2024, and a judge ruled that Ripple was on the hook for a cool $125 million.
Both sides are appealing this decision, and judges are currently mulling it over in the Second Circuit.
Business
On a more personal note, Garlinghouse and Ripple’s chief legal officer Stuart Alderoty seem to have cozy ties with none other than former President Donald Trump.
The firm famously donated $5 million worth of XRP to Trump’s inaugural fund, and Alderoty himself shelled out over $300,000 to support Trump’s political endeavors. They even had a meet-and-greet at Mar-a-Lago.
Garlinghouse has claimed that since Trump took office, about 75% of Ripple’s job openings have been in the U.S., which he attributes directly to Trump’s election.
If I I had told you four years ago that I’d be standing at the Inaugural Crypto Ball in D.C. with Snoop Dogg, would you have believed me? Yeah, me neither. pic.twitter.com/mQzXhgBR1P
— Stuart Alderoty (@s_alderoty) January 18, 2025
It looks like Ripple is not just riding the crypto wave, but they’re making some serious connections along the way.
