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- In July, Ripple submitted its application to the U.S. Office of the Comptroller of the Currency for a national banking license.
- With the application now open for review, the community is also awaiting the approval of XRP ETFs by the SEC.
October 2025 is shaping up to be a pivotal month for Ripple (XRP) with two regulatory milestones converging. On one front, the U.S. Office of the Comptroller of the Currency (OCC) is reviewing Ripple’s application for a national bank charter.
On the other hand, firms are awaiting Securities and Exchange Commission (SEC) decisions on their spot XRP Exchange Traded Funds (ETF) applications.
The conversation surrounding the application intensified after analyst Pumpius drew attention to it on X, remarking,
Ripple’s application for a U.S. banking license from the OCC is now open for public review. Let that sink in… RIPPLE IS BECOMING A BANK. The same company the SEC fought for years is now positioning itself as the bank of banks—built not on legacy rails, but on the XRP Ledger.
Currently, parts of Ripple’s filing are available for public review, allowing regulators, industry participants, and the broader financial community to examine its approach to compliance, custody, and liquidity management. As per the CNF report, the charter process typically allows up to 120 days for review, which would place a decision in late October if all goes by the book.
However, the process remains dynamic; the OCC could request additional documentation or revisions to align Ripple’s model with traditional banking regulations and anti-money-laundering (AML) standards.
In the application, Ripple also seeks access to Federal Reserve master account capabilities, so that it can integrate more directly with U.S. payment systems and potentially use its stablecoin, RLUSD, more natively within regulated banking frameworks.
If approved, Ripple would operate under a federal banking charter. That lends legitimacy in the eyes of regulators, institutions, and banks. With a banking charter, Ripple could do more than just move value; it could custody assets, settle transactions, and possibly even hold deposits depending on the charter’s scope.
A successful charter could reduce friction for institutional players considering exposure to Ripple or XRP, especially those wary of regulatory risk.
The ETF Angle
On October 1, Crypto News Flash reported that more than 30 crypto ETF filings had landed on the SEC’s desk, as fund managers rushed to capitalize on the wave of renewed optimism under the Trump administration. Although the government shutdown has temporarily frozen much of the SEC’s progress, analysts see it as only a short-term pause before the ETF approvals.
Among these, a number of firms have filed for spot XRP ETFs. For instance, Grayscale’s spot XRP ETF faces a key deadline on October 18, while 21Shares, Bitwise, and Canary Capital all fall within the same approval window between October 18 and October 24. CNF reports that the filings from WisdomTree, CoinShares, and Franklin Templeton could receive their verdicts by October 25.
There are several indicators that suggest mounting confidence in eventual approval. The SEC’s adoption of generic listing standards in September has streamlined how deadlines and 19b-4 filings are handled, potentially accelerating the overall review timeline.
XRP’s performance reflects the market’s optimism. The token recently surged past $3 on October 2, currently trading around $2.98, just 22% shy of its all-time high of $3.48.
