Ripple Secures Money Transmitter Licenses in New York and Texas

Digital asset infrastructure firm Ripple has secured Money Transmitter Licenses (MTLs) in New York and Texas amid plans to expand its U.S. domestic footprint under the new pro-crypto Trump administration.

MTLs allow Ripple Payments customers to access a licensed version of its cross-border payments solution in the U.S., where transactions are managed end-to-end by Ripple on behalf of the customer, the company said in a statement shared with The Block.

Ripple states it has witnessed robust demand in both states for compliant, real-time global payment solutions from banks and crypto firms.

> “We’re continuing to see more interest from financial institutions to crypto businesses that want to unlock the benefits of crypto and blockchain for faster, cost-efficient, and 24/7 cross-border payments,” said Joanie Xie, Ripple Managing Director of North America. “With years of experience working in both crypto and with financial institutions, Ripple is well-positioned to support companies that are ready to take advantage of the current landscape.”

The newly acquired licenses increase Ripple and its subsidiaries’ global MTLs to over 55, including 33 U.S. states, according to its website. Ripple also holds a New York BitLicense and Limited Purpose Trust Company Charter, a Major Payment Institution License from the Monetary Authority of Singapore, a Virtual Asset Service Provider registration with the Central Bank of Ireland, a Virtual Asset Service Provider registration with the Cayman Islands Monetary Authority, and an in-principle license approval from the Dubai Financial Services Authority.

Expanding US Roles Due to ‘Trump Effect’

Industry players across the U.S. are optimistic about the coming years under a more pro-crypto administration with President Donald Trump. A shift in the regulatory environment is ongoing, with the Securities and Exchange Commission (SEC) recently rescinding SAB 121, paving the way for traditional banks to custody digital assets, and a growing acknowledgment from U.S. policymakers of the value of digital asset innovation, the firm noted.

In 2020, the SEC accused Ripple of raising $1.3 billion through the sale of XRP, claiming it is an unregistered security. In 2023, U.S. District Court Judge Analisa Torres ruled that some of Ripple’s XRP sales, termed programmatic, did not violate securities laws due to a blind bid process. However, she ruled that other direct sales of the token to institutional investors constituted securities investment contracts, later ordering Ripple to pay $125 million in fines.

In October 2024, the SEC appealed the case, arguing the district court’s decision conflicted with decades of Supreme Court precedent and securities laws. The legal battle is ongoing, but there’s optimism for a swift resolution under the new administration and Trump-nominated crypto-friendly SEC Chair Paul Atkins, subject to Senate approval.

Ripple has made substantial donations to non-partisan pro-crypto Super PACs during the election campaign. Co-founder Chris Larsen faced criticism for personally donating to a PAC supporting Democrat Kamala Harris’ campaign. Ripple and CEO Brad Garlinghouse also faced scrutiny for allegedly attempting to influence Trump’s crypto policies, expanding his pledge to create a strategic bitcoin stockpile to potentially include U.S.-based coins like XRP in an “America-first” crypto reserve.

Ripple Payments claims to have generated $70 billion in payment volume across more than 90 markets—over 90% of daily FX markets—with the business doubling and new North American customers added last year. The firm introduced its highly anticipated RLUSD stablecoin in December, initially available on XRP Ledger and Ethereum, following approval from the New York State Department of Financial Services. RLUSD will be integrated into Ripple Payments later this year.

According to Garlinghouse, 75% of Ripple’s open positions are now based in the U.S. due to the “Trump effect,” and domestic hiring has doubled compared to 2023 amid the expansion of new, larger offices in New York and San Francisco last year. “The coming years will likely be monumental for the crypto industry,” the firm added.