The U.S. cryptocurrency regulation has made a historic breakthrough. On December 14, 2025, at 21:00 UTC, the Office of the Comptroller of the Currency (OCC) granted conditional approval to crypto companies like Ripple and Circle to establish national trust banks, marking the first time federal regulators have allowed crypto firms to operate as regulated banks.

The approval for Ripple is significant. Ripple will establish the Ripple National Trust Bank, specifically responsible for the RLUSD stablecoin business, while being regulated by both the federal OCC and the New York State Department of Financial Services (NYDFS). CEO Brad Garlinghouse emphasized that this approval responds to complaints from traditional banking about "regulatory unfairness," combining compliance with innovation. x.com

New standards for stablecoin regulation. This approval establishes a high standard compliance framework for the stablecoin industry. Circle's USDC and Ripple's RLUSD will operate under the national trust bank structure, meaning they will enjoy the same regulatory treatment as traditional banks while also bearing corresponding compliance responsibilities. This paves the way for stablecoins to transition from the "gray area" to mainstream finance.

Industry impact is profound. This development comes after Ripple's long legal battle with the SEC, marking a shift in the U.S. regulatory attitude from confrontation to constructive cooperation. The market capitalization of tokenized assets has reached a historic high of $330 billion, covering stablecoins, tokenized funds, commodities, and stocks.

Market response is positive. XRP social sentiment turned positive after the announcement, despite the overall market experiencing a $130 billion evaporation in market capitalization. In the long term, this approval will enhance the legitimacy of crypto firms, attracting more institutional funds and supporting the widespread adoption of stablecoins in payment and cross-border settlement fields.

U.S. regulation is shifting from restriction to regulation, laying a systemic foundation for the long-term healthy development of the crypto industry.