Top story: Ripple wins OCC approval to launch U.S. national trust bank. At publication, Bitcoin was at $80,812 (+1.4% in 24h), Ether at $2,349.44 (+1.8% in 24h) and the total crypto market cap at $2.73 trillion (-1.4% in 24h).
The Office of the Comptroller of the Currency approved Ripple National Trust Bank on October 26, enabling Ripple to operate as a federally regulated bank. The approval permits Ripple to manage reserves for its RLUSD stablecoin and provide banking services despite opposition from traditional banking groups.
U.S. Treasury Secretary Janet Bessent stated that strategic adoption of crypto and stablecoins could preserve American financial dominance, speaking at Ripple's conference. She indicated the SEC and CFTC could address regulatory gaps and crypto debanking concerns without the failed Clarity Act.
Ripple's RLUSD stablecoin is now live on Robinhood Chain and Bitstamp, with availability in Robinhood's app expected later in 2024. Robinhood is simultaneously supporting both RLUSD and competing stablecoin USDG.
The CFTC filed a federal lawsuit on October 27 to block Utah from investigating prediction market platforms Kalshi and Susquehanna, claiming they fall under federal jurisdiction. This marks the agency's tenth state-level jurisdiction challenge as enforcement efforts fragment across states.
BlackRock, SBI Holdings, and Startale signed a memorandum of understanding to integrate tokenized money market funds with Japan's yen stablecoin JPYSC. The partnership combines blockchain settlement with traditional asset structures to expand on-chain finance access.
Written by CoinArticle's AI Newsroom from cited sources. Not financial advice.
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