Ripple Expands U.S. Presence with Money Transmitter Licenses in New York and Texas
Digital asset infrastructure company Ripple has secured Money Transmitter Licenses (MTLs) in New York and Texas, marking a significant step in its U.S. expansion strategy. The move comes amid a shifting regulatory landscape and growing enthusiasm for cryptocurrency under the new administration.
The newly acquired licenses enable Ripple Payments to offer its cross-border payment solutions in the U.S., allowing customers to conduct transactions managed end-to-end by the company. Ripple has reported strong demand for compliant, real-time global payment solutions from both traditional financial institutions and crypto firms in these states.
“We’re seeing increasing interest from financial institutions and crypto businesses looking to leverage blockchain technology for faster, cost-efficient, and 24/7 cross-border payments,” said Joanie Xie, Ripple’s Managing Director of North America. “With our experience in both crypto and traditional finance, Ripple is well-positioned to support companies ready to embrace this evolving landscape.”
Ripple’s Growing Global Footprint
With the addition of the New York and Texas licenses, Ripple and its subsidiaries now hold over 55 MTLs worldwide, including approvals in 33 U.S. states. The company also boasts a New York BitLicense, a Limited Purpose Trust Company Charter, and regulatory approvals in Singapore, Ireland, the Cayman Islands, and Dubai.
Ripple’s expansion aligns with a broader shift in the U.S. regulatory environment. Recent developments, such as the Securities and Exchange Commission’s (SEC) rescission of SAB 121, have paved the way for traditional banks to custody digital assets. Industry players are optimistic about the pro-crypto stance of the new administration, which is expected to foster innovation in the digital asset space.
Legal Challenges and Regulatory Optimism
Ripple’s growth comes despite ongoing legal challenges. In 2020, the SEC accused the company of raising $1.3 billion through the sale of XRP, which it claimed was an unregistered security. While a 2023 court ruling partially favored Ripple, stating that some XRP sales did not violate securities laws, the SEC has since appealed the decision.
The outcome of this legal battle could be influenced by the new administration’s crypto-friendly policies, particularly if Trump-nominated SEC Chair Paul Atkins is confirmed. Ripple has also faced criticism for its political contributions, including co-founder Chris Larsen’s donation to a PAC supporting Democrat Kamala Harris, as well as allegations of attempting to influence Trump’s crypto policies.
Ripple’s Business Growth and Future Plans
Ripple Payments has processed $70 billion in payment volume across more than 90 markets, accounting for over 90% of daily foreign exchange markets. The company has doubled its business in the past year, adding several new North American customers to its network.
In December 2023, Ripple launched its RLUSD stablecoin, approved by the New York State Department of Financial Services. Initially available on the XRP Ledger and Ethereum, RLUSD will be integrated into Ripple Payments later this year.
The company has also ramped up its U.S. hiring, with 75% of its open positions now based domestically. Ripple attributes this growth to the “Trump effect,” citing increased optimism about the future of crypto under the new administration. The firm has expanded its offices in New York and San Francisco, doubling its domestic hiring compared to 2023.
“The coming years will likely be monumental for the crypto industry,” Ripple stated, reflecting its confidence in the sector’s potential.
As Ripple continues to navigate regulatory challenges and expand its services, the company remains a key player in the evolving digital asset landscape.