by Matthew Russell Lee, Patreon Book Substack
SOUTH BRONX/SDNY, July 24 – With the US Congress passing the cryptocurrency GENIUS Act, Ripple Labs as well as Circle and others, have applied for banking charters to the Office of the Comptroller of the Currency.
Inner City Press asked the IMF about the GENIUS Act on July 24, here.
Later on July 24, the OCC responded to its FOIA request for communications related to Circle's proposal by stating "[p]lease provide the email addresses of Circle's counsel as well as the specific OCC personnel whose correspondence you would like for us to search.
This is a travesty: it is the OCC which knows the identity and address of applicant Circle's counsel, and of the OCC personnel. Inner City Press will appeal.
On July 18, Fair Finance Watch filed timely opposition to Ripple's application:
On behalf of Fair Finance Watch, this is a timely comment in opposition to the application to charter the proposed Ripple National Trust Bank.... as to Ripple under the statutory factors that must be considered including managerial resources, consider: "Ripple’s CEO distances firm from federal investigations into Linqto’s shares scandal," and "Is Ripple at Risk?" In terms of lack of transparency, consider for the record: "Is Ripple Selling XRP Behind the Scenes? On-Chain Clues Emerge."
FFW will have more to say when it receives responses to its and Inner City Press' FOIA requests (see below). On the current record, the application(s) could not legitimately be approved.
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