In summary:
- Ripple’s CEO, Brad Garlinghouse, has welcomed the OCC’s announcement that US Banks can now offer crypto custody solutions for their customers.
- The move by the OCC will ultimately foster innovation and provide a level playing field for all.
- He concluded that fiat and crypto should coexist in harmony.
- The Ripple company already has partnerships with plenty of global banks and the OCC decision could provide opportunities for the company in the United States.
The CEO of Ripple, Brad Garlinghouse, has expressed optimism in the move by the OCC declaring that US banks can now offer crypto custody solutions to their customers. The Office of the Comptroller of the Currency (OCC) explained the time was nigh for US banks to keep up with technology advancements as well as the growing needs of their customers to safely store digital assets.
Crypto and Fiat Can Coexist in Harmony
It is with this background that Mr. Garlinghouse enthusiastically commented via Twitter that the move would foster innovation and provide a level playing field for all. Additionally, he explained that it was high time fiat and crypto coexisted in harmony. His exact comments were as follows.
BOOM! Today’s ruling is a huge step forward. The @USOCC is absolutely leading the way to foster innovation, protect consumers and provide a level playing field for all. The future has never been fiat versus crypto – these can and should coexist in harmony!
His comments were echoed by Ripple’s general counsel, Stuart Alderoty, via the following Tweet.
Very welcome news from @BrianBrooksOCC and @USOCC today – this is a significant hurdle crossed to bring digital assets into the mainstream financial system with regulatory approval. https://t.co/vEyU4vIcl6
— Stuart Alderoty (@s_alderoty) July 22, 2020
Possible Benefits for Ripple Due to the OCC Announcement
To note is that Brad Garlinghouse has been calling for regulatory clarity in the US with regards to the crypto and blockchain industries. This move by the OCC provides an avenue for Ripple to offer its various payment settlement solutions to the various US banks by possibly highlighting the speed, efficiency and interoperability of the XRP ledger.