Ripple announces money transmitter licenses in Texas and New York
The payments firm stated that with the inclusion of the two US states, it now holds more than 50 licenses in various jurisdictions.
Ripple Labs, a blockchain payments business, said that it had obtained money transmitter licenses in the states of Texas and New York.
Ripple announced on January 27 that financial regulators in Texas and New York had awarded money transmitter licenses for the payments startup, which reported having more than 50 licenses across multiple jurisdictions. According to the blockchain startup, the license would allow users to make cross-border payments in the United States.
“Texas and New York have defined regulations and stringent licensing requirements with robust compliance standards and regulatory oversight,” Ripple told me.
Because many mining companies are situated in Texas and digital asset corporations are based in New York, regulators in both states may have greater influence over crypto enterprises as use grows. The licensing approvals followed Ripple CEO Brad Garlinghouse’s statement in December that the New York Department of Financial Services had approved the company’s RLUSD stablecoin, which it intends to list on cryptocurrency exchanges.
SEC v. Ripple case in appellate court
Ripple is still facing legal issues as a result of a Securities and Exchange Commission (SEC) complaint launched against the blockchain company over XRP in 2020. A judge held Ripple responsible for $125 million in August 2024, but the SEC and the company’s legal team have filed appeals, which are presently being heard by Second Circuit judges.
Garlinghouse and Ripple’s chief legal officer, Stuart Alderoty, appear to have a tight contact with US President Trump. The corporation paid $5 million in XRP to Trump’s presidential inaugural fund, and Alderoty spent over $300,000 on fundraising and political action groups for the then-Republican candidate.
Both CEOs visited with Trump at his Mar-a-Lago estate in January, attended inaugural celebrations in Washington, DC, and informed Cointelegraph that they had been designated as official guests. Trump later ordered that the swearing-in ceremony on 20 January be moved inside the United States Capitol Building. On January 5, Garlinghouse stated that 75% of Ripple’s job postings were based in the United States as a direct effect of Trump’s election.
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