Ripple Labs has just announced that it secured money transmitter licenses in Texas and New York. With these new licenses, Ripple now holds over 50 licenses across various states.
On January 27, Ripple shared that financial regulators in both Texas and New York approved these licenses. This approval allows Ripple to provide users with cross-border payment solutions right here in the U.S.
“Texas and New York have defined regulations and stringent licensing requirements,” Ripple stated. “Their robust compliance standards and regulatory oversight are crucial.”
These regulators might have a bigger influence on crypto firms as adoption grows. Many mining companies are based in Texas, while numerous digital asset businesses operate in New York. The approval of these licenses follows Ripple CEO Brad Garlinghouse’s announcement in December. He noted that the New York Department of Financial Services approved Ripple’s RLUSD stablecoin, which the company plans to list on crypto exchanges.
However, Ripple is still facing legal challenges. The Securities and Exchange Commission (SEC) filed a lawsuit against the company regarding XRP back in 2020. In August 2024, a judge found Ripple liable for $125 million. Both the SEC and Ripple's legal team have filed appeals, which are currently under consideration by judges in the Second Circuit.
Interestingly, Garlinghouse and Ripple’s Chief Legal Officer, Stuart Alderoty, have maintained a close relationship with former President Donald Trump. Ripple donated $5 million worth of XRP to Trump’s presidential inaugural fund. Additionally, Alderoty has spent over $300,000 on fundraising and political action committees that supported Trump.
In January, both executives met with Trump at his Mar-a-Lago home. They attended inauguration events in Washington, D.C., and told Cointelegraph they were recognized as official guests. Trump later ordered the January 20 swearing-in ceremony to be moved inside the U.S. Capitol Building.
On January 5, Garlinghouse mentioned that 75% of Ripple’s job openings are based in the U.S., a direct result of Trump’s election.