US Politician Pushing for New Bank Charter That Could Let Ripple Get a Banking License ...Middle East

US politician and former congressional candidate Greg Kidd says he is working on a bank charter that could allow firms like Ripple to get banking licenses. Kidd, a co-founder of Haka Yaka Ventures and owner of Vast Bank, said this at the just-concluded XRP Las Vegas conference. In a one-on-one interview with journalist Eleanor Terrett, Kidd discussed his involvement in politics and revealed efforts to introduce this new type of bank charter. A New Bank Charter that Could Allow Ripple to Procure a Banking License Kidd explained that although he no longer runs for office, he still works closely on financial legislation. He's now focused on creating a special charter designed strictly for banks that deal only with deposits and payments. It eliminates the need for physical branches or lending. twitter.com/DigPerspectives/status/1933157935716135154 This idea aims to make it easier for digital-first businesses to enter the space. He said this new approach would give companies like Ripple a path to owning a banking license, even though he clarified he wasn't speaking for Ripple or suggesting they plan to apply. Notably, his larger goal is to break up the dominance that traditional banks hold and make banking more accessible to new firms, whether they're digital wallets, remittance companies, or even major retailers. Greg Kidd: Cost of Moving Money Should be Minimal Speaking further, Kidd pointed out that the cost of processing payments on the XRP Ledger is nearly zero, so the price of sending money should reflect that. He sees payments as something that should work like a public utility: low-cost and available to everyone. Interestingly, Kidd criticized the current system, where only a few people, including himself and Jackie Reses from Lead Bank, have managed to secure banking licenses under the Biden administration. The American entrepreneur called for a return to a time when competition, innovation, and inclusion drove the banking sector before the financial crisis of 2008 disrupted it. Ripple and the Banking Scene Meanwhile, Ripple has already made moves within the banking sector. In June 2024, the company became a Platinum Member of the American Bankers Association (ABA). Ripple Platinum Member of the American Bankers AssociationRipple Platinum Member of the American Bankers Association This top membership gives Ripple greater visibility and stronger access to banking leaders and policymakers, putting the blockchain payment firm in a better position to influence the direction of financial services. Moreover, Ripple CEO Brad Garlinghouse, speaking at the same Las Vegas event, confirmed that the firm plans to rewire the banking system. According to him, Ripple wants to help banks move money faster and more cheaply by cutting out intermediaries and removing the need for pre-funded accounts. Garlinghouse stressed that Ripple doesn't aim to replace banks. Instead, the firm wants to work with them to speed up and simplify cross-border payments. Putting the Banking Industry On-chain Meanwhile, during his interview, Kidd also discussed Vast Bank, his latest venture. He explained that the reason he decided to buy a U.S. bank was to put real U.S. dollars directly on the blockchain. He believes this will replace outdated banking ledgers with secure, real-time records on networks like the XRP Ledger. These on-chain dollars, backed by FDIC insurance and regulatory protections, could become available to people around the world. Kidd also revealed that he invested in the Bank of London and is closing a deal in Europe. His goal is to bring dollars, pounds, and euros onto blockchain networks so that banking can run non-stop, 24/7, with digital money that never leaves the chain.

Hence then, the article about us politician pushing for new bank charter that could let ripple get a banking license was published today ( Friday 13/06/2025 - 06:28 PM ) and is available on the crypto basic ( Middle East ) The editorial team at PressBee has edited and verified it, and it may have been modified, fully republished, or quoted. You can read and follow the updates of this news or article from its original source.

Read More Details
Finally We wish PressBee provided you with enough information of ( US Politician Pushing for New Bank Charter That Could Let Ripple Get a Banking License )

Last updated : 13 June 2025 clock 06:28 PM

Also on site :

US Politician Pushing for New Bank Charter That Could Let Ripple Get a Banking License ...Middle East

Genesee County Village & Museum hosts Celtic Faire on Saturday and Sunday

Inside Ukraine’s bunker schools that shield children from Putin’s bombs

4 Antioxidant-Rich Foods Japanese Women Eat for Gut Health

A deal to the end the U.S.-Iran war could be finalized within 24 hours. Tehran wants to charge ships crossing Hormuz ‘for services rendered’

Garrett Crochet Unlikely To Return Before All-Star Break

PM Modi to hold bilateral talks with Trump at G7 Summit; first meeting in 16 months

Millennials Like Me Were Sold a Fantasy About Weed. Now Researchers Have a Warning.

Former Arkansas All-American Frank Ragnow reflects on retirement, attempted NFL return

Workers remove Trump’s name from Kennedy Center after court ruling

What to know about a possible deal to end the Iran war

Does Jeremy Ruckert still have a role with the Jets?

PicS N.V. (PICS) Class Action Lawsuit: Investors Face August 4, 2026, Deadline

You can get $25 of free gas in a Chicago suburb on Saturday. Here's how

Thousands attend Belfast anti-racism rally after days of violent protests

'Footloose' Songwriter Once Said the '80s Movie Was No 'Gone With the Wind'