Ripple secures Money Transmitter Licenses in New York and Texas amid growing US footprint
2025-01-27
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Digital asset infrastructure firm Ripple has secured Money Transmitter Licenses in New York and Texas amid plans to expand its U.S. domestic footprint under the new pro-crypto Trump administration.
MTLs allow Ripple Payments customers to access a licensed version of its cross-border payments solution in the U.S., where transactions are managed end-to-end by Ripple on behalf of the customer, the company said in a statement shared with The Block.
Ripple says it has witnessed strong demand in both states for compliant real-time global payment solutions from both banks and crypto firms. 
“We’re continuing to see more interest from financial institutions to crypto businesses that want to unlock the benefits of crypto and blockchain for faster, cost-efficient and 24/7 cross-border payments,” Joanie Xie, Ripple Managing Director of North America, said. “With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies who are ready to take advantage of the current landscape.”
The newly-acquired licenses bring Ripple and its subsidiaries’ global MTLs to more than 55, including 33 U.S. states, according to its website. Ripple also holds a New York BitLicense and Limited Purpose Trust Company Charter, a Major Payment Institution License from the Monetary Authority of Singapore, a Virtual Asset Service Provider registration with the Central Bank of Ireland, a Virtual Asset Service Provider registration with the Cayman Islands Monetary Authority and an in-principle license approval from the Dubai Financial Services Authority.
Expanding US roles due to ‘Trump effect'
According to Ripple, industry players across the U.S. are enthusiastic about what the next four years have in store as a more pro-crypto administration takes office under President Donald Trump. A shift in the regulatory environment is also underway, with SAB 121 rescinded by the Securities and Exchange Commission just last week, paving the way for traditional banks to custody digital assets, and a growing number of U.S. policymakers and regulators recognizing the importance of digital asset innovation, the firm noted.
In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of XRP, which it claims is an unregistered security. In 2023, U.S. District Court for the Southern District of New York Judge Analisa Torres ruled that some of Ripple’s XRP sales, called programmatic, did not violate securities laws because of a blind bid process in place for them. She did, however, rule that other direct sales of the token to institutional investors represented securities investment contracts and later ordered Ripple to pay $125 million in fines.
However, in October 2024, the SEC appealed the case, stating the district court's decision conflicted with "decades of Supreme Court precedent and securities laws." The legal battle remains ongoing, though there is hope of a swift resolution under the new administration and Trump-nominated crypto-friendly SEC Chair Paul Atkins if his appointment is approved by the Senate.
While Ripple made substantial donations to non-partisan pro-crypto Super PACs during the election campaign, co-founder Chris Larsen was also criticized by many for his personal donation to a PAC supporting Democrat Kamala Harris’ campaign. Ripple and CEO Brad Garlinghouse have also recently been criticized for allegedly trying to influence Trump’s crypto policies, expanding his campaign pledge to create a strategic bitcoin stockpile to potentially also include U.S.-based coins in an “America-first” crypto reserve, such as XRP.
Ripple Payments claims to have generated $70 billion in payment volume across more than 90 markets — representing over 90% of daily FX markets — with the business doubling and several new North American customers added to the network last year. Ripple also launched its much-anticipated RLUSD stablecoin in December, initially available on XRP Ledger and Ethereum, after securing approval from the New York State Department of Financial Services. RLUSD will be integrated into Ripple Payments later this year, the firm said.
Some 75% of Ripple’s open positions are now based in the U.S. due to the “Trump effect,” Garlinghouse said earlier this month, as The Block previously reported, and domestic hiring has doubled compared to 2023 amid the opening of new larger offices in New York and San Francisco last year, the firm said. “The coming years will likely be monumental for the crypto industry,” it added.
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