Ripple faces opposition from 42 US banks in its banking license application

In a development that highlights the confrontation between traditional finance and cryptocurrency, a coalition of 42 major banks in the US, including JPMorgan Chase and Bank of America, has collectively opposed the banking license application of #RİPPLE .

Concerns from traditional banks

Ripple has submitted an application to the Office of the Comptroller of the Currency (OCC) to establish a National Trust Bank, aiming to operate based on its stablecoin #RLUSD . However, traditional banks have expressed numerous concerns. They believe that activities related to stablecoins pose risks to financial stability and question Ripple's ability to comply with the stringent regulations of the banking industry.

On the other hand, one of the biggest concerns for banks is that granting a license to a crypto company like Ripple would set a dangerous precedent. This could blur the lines between the two financial systems, threatening the control and long-term influence of traditional banks.

However, this move also reflects another perspective. While banks want to participate in the crypto world to offer services and make profits, they are trying to prevent crypto companies from accessing banking services, creating a significant barrier to the development and integration of this industry. #anhbacong