According to the Wall Street Journal, companies like Coinbase, Circle, BitGo, and Paxos are preparing to break existing financial structures and shift towards new service areas. This development signals potential changes in market dynamics.
Ripple News
John Deaton, a former Senate candidate and XRP supporter, expressed his surprise at Ripple’s absence from the list. He noted that advancements in the cryptospace could lay the groundwork for significant competition with traditional financial institutions in the future.
John Deaton: “It’s surprising that Ripple 
$2 isn’t involved in the bank license application process given the efforts made.”
The WSJ report suggests that the mentioned firms will enter regulatory approval processes for banking services. In this process, these firms aim to gain the ability to conduct banking transactions in addition to their current financial services.
Ripple Developments
Hidden Road, a company operating in the crypto space, has received approval from the Financial Industry Regulatory Authority (FINRA). Following this approval, the company is expected to develop its fixed-income prime brokerage platform and offer various financial services in line with regulatory compliance.
As Ripple continues to work towards establishing itself in the financial sector through payment services, it may have postponed its bank license application due to ongoing legal processes.
Meanwhile, Ripple official Cassie Craddock stated that the XRP Ledger will strengthen Hidden Road’s post-trade infrastructure.
Cassie Craddock: “XRPL will innovate the sector by supporting Hidden Road’s post-trade infrastructure.”
The observed trend indicates that industry firms are attempting to expand their roles within the traditional finance sector, not just limiting themselves to crypto services. This situation could also be crucial for the strategies of regulatory bodies and market players in the future.
Overall, the article evaluates the steps taken by industry players to enhance their competitiveness in financial services and the effects of legal processes. These developments bring expectations that innovations in the crypto sector will shape within the framework of regulatory approvals and existing legislation.