Crypto Firms Eye Bank Licenses, But Wait—Where’s Ripple? 🤔

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So, former Senatorial candidate and XRP cheerleader, John Deaton, just did a little double-take after reading that some crypto firms are eyeing bank licenses. And guess what? He’s surprised that Ripple isn’t among them. Seriously, Deaton? You mean to tell me that the crypto firm that’s tried to flip the entire financial system upside down didn’t even bother to put in an application? 🙄

John Deaton’s Totally Not Shocked Commentary on Ripple’s Absence

In a totally subtle X post (which we all know is just another term for Twitter, but let’s not get into it), Deaton was like, “Wait a minute, Ripple’s not on this list?” He was reacting to a Wall Street Journal report where, apparently, Coinbase, Circle, BitGo, and Paxos have all decided to get their bank licenses in order. Big surprise, huh?

Deaton was, of course, convinced that it’s only a matter of time before these crypto companies go full-throttle into banking, replacing traditional banks with their snazzy digital services. And let’s be real, who wouldn’t want to be the go-to bank for people who’d rather text money than actually go to one? 💸

The bank charter thing would basically let these crypto companies operate like a bank—or something that’s even cooler and more innovative—depending on how the regulators feel that day.

Now, Deaton’s shock probably stems from Ripple’s *many* efforts to dive into the financial world. I mean, this is a company that’s been working hard to disrupt things with their payment services. Also, Ripple recently dropped a casual $1.25 billion to snag a prime broker called Hidden Road. I mean, pocket change, right? 🤑

But wait, Ripple might still join the bank license party later—once they finish their ongoing legal tug-of-war with the US Securities and Exchange Commission. Because nothing says ‘we’re ready for banking’ like a lawsuit pause. Seriously, these legal moves are basically their own episode of *Law & Order: Crypto Unit*.

Hidden Road Gets a Fancy New Title

Even if Ripple isn’t jumping into the bank license ring right now, they’re still making moves. Ripple’s latest conquest? Hidden Road, which just got a big fat thumbs-up from the Financial Industry Regulatory Authority (FINRA) to officially become a member broker-dealer. That’s like getting a VIP pass to the financial industry club. 🏦

With this new shiny approval, Hidden Road is now free to expand its brand-new fixed income prime brokerage platform. So yeah, if you’re into Fixed Income Repo (which, let’s be honest, most of us aren’t), you’re about to see a lot more of it. Basically, Ripple just unlocked the ability to offer clients the kind of services that sound very official and very serious—like financing services for fixed-income assets. 😎

And hey, did you know Ripple exec Cassie Craddock mentioned that the XRP Ledger (XRPL) is going to be powering Hidden Road’s post-trade infrastructure? Because of course, it is. The plot thickens.

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2025-04-21 18:53