Blockchain payments firm Ripple has announced that it has obtained money transmitter licenses in the US states of Texas and New York. With the addition of these two licenses, Ripple now holds over 50 licenses across various jurisdictions, further expanding its regulatory footprint.
Regulatory Approval in Key States
Ripple revealed in a January 27 statement that financial regulators in Texas and New York had approved the firm’s licenses. These approvals will enable Ripple to provide cross-border payment solutions within the US.
“Texas and New York have defined regulations and stringent licensing requirements with robust compliance standards and regulatory oversight,” Ripple stated, highlighting the importance of these jurisdictions in the broader cryptocurrency landscape.
Both states are pivotal in the crypto industry—Texas is a hub for mining operations, while New York has a significant presence of digital asset businesses. These licenses mark another step in Ripple’s effort to establish itself as a leader in regulated blockchain payments.
Expansion of Ripple’s Stablecoin and Ongoing Legal Battle
This milestone comes shortly after Ripple CEO Brad Garlinghouse announced in December that the New York Department of Financial Services had approved the firm’s RLUSD stablecoin. Ripple plans to list the stablecoin on various cryptocurrency exchanges in the future.
However, Ripple continues to face legal challenges. The firm remains embroiled in a high-profile case with the Securities and Exchange Commission (SEC) over allegations that XRP, its native cryptocurrency, was sold as an unregistered security. In August 2024, Ripple was found liable for $125 million, but both the SEC and Ripple’s legal team have filed appeals, which are now under consideration by the Second Circuit Court.
Connections to Former President Donald Trump
Ripple’s leadership, including CEO Brad Garlinghouse and Chief Legal Officer Stuart Alderoty, has maintained a close relationship with former President Donald Trump. Ripple donated $5 million worth of XRP to Trump’s inaugural fund, and Alderoty has spent over $300,000 on political fundraising in support of Trump.
Both Garlinghouse and Alderoty met with Trump at his Mar-a-Lago residence in January, attended inauguration events in Washington, DC, and were marked as official guests during the ceremony.
Garlinghouse claimed on January 5 that Ripple’s growing US presence, with 75% of its job openings based in the country, was directly influenced by Trump’s election.
