Ripple receives a major boost after the (OCC) Office of the Comptroller of the Currency clarified that commercial banks can engage in non-credit activities.

The (OCC) announced in a statement that it has amended the rules for national bank charters to allow banks to conduct non-credit activities in addition to their credit operations. This final amendment removes any doubts about the ability of national commercial banks to engage in non-credit activities.

This represents a significant victory for the digital currency sector, which has been striving to secure this final rule. It is also a positive development for digital currency companies like Ripple, Circle, Paxos, and Coinbase, which have received conditional approval to obtain a national banking license.

Under this final decision, these companies will be able to access the U.S. banking system, a move that will enhance the integration of digital currencies into traditional finance. Notably, non-credit activities include non-credit custody operations, which are treated as secondary banking activities rather than credit obligations. In other words, these companies will be able to hold and manage customer assets, such as securities and digital assets, without acting as a credit provider.

For Ripple, this presents an opportunity to expand its custody services and increase its reach. As reported by CoinGape, Ripple recently expanded its custody services to include Ethereum and Solana storage through its partnership with Figment.

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