Ah, the American banking system. A glorious, creaking edifice of tradition, bureaucracy, and an almost pathological fear of anything smelling remotely of…progress. Ripple, that audacious upstart, dares to knock at the gilded gates, and what do we find? A collective clutching of pearls and a frantic waving of regulatory gavels, naturally. 🙄
David Schwartz, Ripple’s Chief Technology Officer – a man, one suspects, who views the status quo with the same affection one reserves for a particularly bothersome mosquito – has quite rightly pointed out the obvious. The American Bankers Association, those guardians of the…well, themselves, have requested a freeze on crypto bank licenses. Including, of course, the pesky applications from Ripple and Circle. If these institutions had their way, one imagines, we’d still be bartering with livestock. 🐄
And just as Ripple attempts its most ambitious gambit – applying for a national banking license and a master account with the Federal Reserve (through the somewhat innocuously named Standard Custody, acquired last year, naturally) – the old guard throws a tantrum. It is, as Mr. Schwartz so delicately put it (via the ubiquitous Twitter, a modern-day town crier), a tendency to “pause all progress if they could.” A joke, he calls it. A joke! As if.
I often joke that successful incumbents would pause all progress if they could.
— David ‘JoelKatz’ Schwartz (@JoelKatz) July 22, 2025
The aim, you see, is to actually *integrate* with the U.S. financial system. Imagine! Access to Fed-level payment infrastructure! The horror! The ABA, naturally, is lobbying the OCC to…stall things. But Schwartz, that perceptive fellow, reframes it brilliantly. Not about safety, not about compliance. No, it’s simply about protecting territory. A perfectly reasonable desire, for a creature clinging to a rapidly eroding cliff face. 😅
This isn’t simply about Ripple. It’s about the fundamental question: will blockchain-based companies be allowed to play in the same sandbox as the established banking elite, or will they be relegated to the digital wilderness, forever swatting at the regulatory flies? A truly existential question, wouldn’t you say?
Now, the OCC and the Federal Reserve have a decision to make. A truly momentous one. Will they embrace the future, or will they succumb to the desperate pleas of the old-timers? One can only hope they have a strong cup of tea and a stiff upper lip, because the fate of financial innovation may very well hang in the balance. And frankly, the drama is rather delicious.🍿
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2025-07-23 13:48