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Ripple submitted an application to the US Office of the Comptroller of the Currency (OCC) for a national trust charter, which would enable the cryptocurrency company to provide its services nationwide while being governed by federal law. According to an official from the company, the application represents a strategic move toward more extensive national regulatory engagement.

The OCC is considering Ripple’s application for a national bank charter, in keeping with our long history of compliance. If authorized, we would have federal and state oversight (through NYDFS), which would set a new (and distinct!) standard for confidence in the stablecoin market, stated Brad Garlinghouse, CEO of Ripple.

“@Ripple is applying for an OCC national bank charter, staying true to our longstanding commitment to compliance. Approved would establish a new (and distinct!) standard for confidence in the stablecoin market by providing both federal (through NYDFS) and state oversight.”

The ruling places Ripple in line with an increasing number of cryptocurrency companies that are requesting national regulation in the face of changing US law.

Circle, the stablecoin issuer, filed a similar application, illustrating a larger industry trend toward obtaining federal licenses to expedite service delivery and compliance.

The New York Department of Financial Services oversees the $470 million stablecoin, RLUSD, that Ripple currently offers. The business also offers custody services for digital assets. It would be able to scale and consolidate these operations across state lines with a national banking license, eliminating the need for numerous state-level approvals.