Seeds of Wisdom RV and Economic Updates Tuesday Morning 7-8-25

08/07/2025

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Ripple CEO Brad Garlinghouse to Testify at Senate Hearing, Urges Clear Crypto Rules

Brad Garlinghouse to Testify Before U.S. Senate on July 9

Ripple CEO Brad Garlinghouse is set to appear before the U.S. Senate Banking Committee on July 9, where he will urge lawmakers to adopt clear, fair, and strong crypto regulations. This will be Garlinghouse’s first testimony before the committee, signaling a pivotal moment in the industry’s ongoing call for legal clarity.

Garlinghouse: “Strong but Fair Rules” Are Key

In a recent announcement, Garlinghouse said he is “honored to speak directly to lawmakers” about the urgent need for clear digital asset laws in the U.S. He thanked Senators Tim Scott, Cynthia Lummis, and Ruben Gallego for advancing legislation that supports innovation while protecting consumers.

“We need smart rules that protect people without killing innovation,” he noted.

For years, Ripple and other crypto firms have asked Congress to clarify how digital assets are classified—specifically, which are treated as securities regulated by the SEC, and which are commodities overseen by the CFTC. The current lack of clarity has led to legal disputes, enforcement confusion, and regulatory overlap.

Key Legislation on the Table

The hearing comes at a critical time. Congress is now reviewing three major crypto-related bills:

The CLARITY Act – Aims to define whether digital assets fall under SEC or CFTC jurisdiction.
The GENIUS Act – Addresses stablecoin standards and regulatory oversight.
The Anti-CBDC Surveillance State Act – Seeks to restrict surveillance mechanisms tied to central bank digital currencies (CBDCs).

Among them, the CLARITY Act stands out. Senator Tim Scott has suggested it could be passed as early as October, depending on bipartisan support. If passed, it could significantly reduce regulatory uncertainty for crypto developers, brokers, and exchanges.

Who Else Is Testifying?

Garlinghouse will join a panel of prominent figures in the crypto and policy sectors, including:

Jonathan Levin, CEO of Chainalysis
Summer Mersinger, CEO of the Blockchain Association
A top Harvard legal expert on digital finance

Together, they aim to present a united case for establishing sensible regulatory frameworks that ensure the U.S. remains a leader in blockchain innovation.

“With clear rules, crypto companies can keep building—and investors can feel confident,” one panelist is expected to say.

The Stakes for the Crypto Industry

This hearing marks a turning point. For industry leaders, congressional inaction is no longer an option. As regulatory ambiguity continues to push innovation offshore, executives like Garlinghouse argue that federal clarity is essential for protecting American leadership in the rapidly evolving crypto economy.

With billions of dollars in market value and countless innovation opportunities at stake, July 9 could become a defining moment for U.S. crypto policy.

Summary:

Ripple CEO Brad Garlinghouse to testify before Senate Banking Committee on July 9.
Will push for strong but fair crypto rules to clarify SEC/CFTC roles.
Hearing coincides with review of major legislation: CLARITY, GENIUS, and Anti-CBDC Acts.
Other speakers include top crypto CEOs and academic experts.
Senate could pass landmark regulation by October, reshaping the U.S. crypto landscape.

@ Newshounds News™
Source: Coinpedia

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Ripple Applies for National Banking License as Stablecoin Regulation Accelerates

Ripple Targets OCC Charter to Cement RLUSD Oversight

Ripple has filed an application for a national banking license with the Office of the Comptroller of the Currency (OCC), aiming to elevate the regulatory credibility and oversight of its U.S. dollar-backed stablecoin, RLUSD. The filing was submitted on Wednesday, July 2, according to reporting by The Wall Street Journal.

If approved, Ripple would join a growing class of crypto-native firms seeking national trust bank charters, bringing stablecoin issuance more directly under the dual oversight of federal and state regulators.

“The dual nature of that regulation would basically have set a new bar for transparency and compliance in the stablecoin market,” said Jack McDonald, SVP of Stablecoins at Ripple.

Currently, RLUSD already operates under the jurisdiction of the New York Department of Financial Services (NYDFS). A federal trust bank charter would place RLUSD more squarely within the OCC’s regulatory framework, giving Ripple greater operational latitude and legitimacy in the U.S. financial system.

Ripple Subsidiary Also Seeks Fed Master Account

In a parallel development, Standard Custody & Trust Company, a Ripple subsidiary, filed an application for a Federal Reserve master account on Monday, June 30. If granted, this would allow Ripple to:

Custody stablecoin reserves directly with the Fed
Issue and redeem RLUSD outside of standard banking hours
Streamline operational independence from third-party banks

Such a move would enable Ripple to align more closely with emerging federal standards for stablecoin infrastructure, and to offer enhanced stability and liquidity for users and institutions.

Ripple and Circle Signal New Era of Crypto-Fintech Convergence

Ripple’s application follows a similar move by Circle Internet Group, which also filed on June 30 for a national trust charter. If approved, Circle plans to establish the First National Digital Currency Bank, N.A., a federally chartered entity that would manage the USDC reserve and offer digital asset custody services to institutional clients.

“By applying for a national trust charter, Circle is taking proactive steps to further strengthen our USDC infrastructure,” said Jeremy Allaire, Circle Co-founder and CEO.
“We will align with emerging U.S. regulation for the issuance and operation of dollar-denominated payment stablecoins.”

Circle’s strategic move mirrors Ripple’s efforts and reflects growing readiness among leading crypto firms to embrace full-scale federal oversight—once considered a barrier to innovation.

Institutional Custody and Compliance: The Next Crypto Frontier

As digital asset custody continues to draw attention from both traditional institutions and FinTech platforms, companies like Ripple and Circle are positioning themselves to operate as regulated financial infrastructure providers, not just crypto startups.

A recent PYMNTS report highlighted that these applications show crypto firms are preparing to meet the same supervisory and compliance standards as federally chartered banks—a development that may significantly reshape the crypto regulatory landscape in the U.S.

Summary:

Ripple files application for national trust bank license with OCC
Would place RLUSD under dual oversight of OCC and NYDFS
Subsidiary Standard Custody applies for Federal Reserve master account
Circle also seeks national charter to launch a trust bank for USDC
Signals a broader push by crypto firms toward federal integration and institutional-grade compliance

@ Newshounds News™
Source: PYMNTS

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Worldpay Expands Platform Offering Amid Soaring Embedded Finance Demand

Expansion Reaches Canada, UK, and Deepens Presence in Australia

Worldpay has announced the expansion of its Worldpay for Platforms product into Canada and the United Kingdom, while also extending its reach in Australia, in a move designed to meet the growing demand for embedded finance solutions.

The announcement, made on Tuesday, July 8, marks a strategic pivot as software providers increasingly seek to embed secure and scalable payment services directly into their platforms.

“As business software tools converge into unified experiences, we’re investing in embedded payments to help SaaS providers become the everything platforms for their users,” said Matt Downs, head of Worldpay for Platforms.

“We are committed to serving our current software platforms and new clients in the key geographies where they do business by making embedded solutions easier to integrate and elevating the experiences they provide their users.”

Embedded Finance: Driving a Shift in Digital Commerce

According to PYMNTS, embedded finance is accelerating a larger trend that “moves banking, payments and lending into the non-financial realm.” These solutions allow consumers to access Buy Now, Pay Later (BNPL), credit, and other financial services within apps or digital commerce platforms, transforming smartphones and tablets into full-service commercial gateways.

“These ecosystems keep users engaged while improving the cash flow of businesses and their financial partners,” the report notes.

Embedded Lending Sees Massive Adoption

Recent research by Visa and PYMNTS Intelligence illustrates just how rapidly embedded finance is being adopted:

47% of lenders now offer only embedded lending products
31% offer a hybrid model combining embedded and traditional lending
Just 12% of firms offer no embedded options

These figures reflect growing confidence in embedded lending’s ability to expand financial inclusion, increase conversion rates, and tailor financial offerings using real-time data.

Worldpay Eyes Future with Agentic AI Integration

Looking forward, Worldpay is betting big on the next evolution of payments: agentic artificial intelligence (AI). In a recent interview with PYMNTS, Nabil Manji, SVP and Head of FinTech Growth at Worldpay, outlined the company’s vision:

“We’re quite bullish on agentic checkout and agentic commerce,” said Manji.
“Payments companies have been using machine learning and AI for years, if not decades. One of the prerequisites for leveraging these tools is a large, rich dataset — and there’s a lot of data in payments and financial services.”

Agentic AI refers to autonomous digital agents capable of planning, reasoning, and executing transactions on behalf of users—ushering in what experts describe as a seismic shift in commerce infrastructure.

Summary:

Worldpay for Platforms expands into Canada, UK, and Australia
Responds to surge in demand for embedded finance and payments integration
Embedded finance enables in-app lending, BNPL, and payments for non-financial businesses
47% of lenders now operate using embedded finance models exclusively
Agentic AI seen as the next frontier in commerce and checkout experiences