US Politician Pushing for New Bank Charter That Could Let Ripple Get a Banking License

US politician and former congressional candidate Greg Kidd says he is working on a bank charter that could allow firms like Ripple to get banking licenses.

Kidd, a co-founder of Haka Yaka Ventures and owner of Vast Bank, said this at the just-concluded XRP Las Vegas conference. In a one-on-one interview with journalist Eleanor Terrett, Kidd discussed his involvement in politics and revealed efforts to introduce this new type of bank charter.

A New Bank Charter that Could Allow Ripple to Procure a Banking License

Kidd explained that although he no longer runs for office, he still works closely on financial legislation. He’s now focused on creating a special charter designed strictly for banks that deal only with deposits and payments. It eliminates the need for physical branches or lending.

Ripple could get a banking license.

Because the cost of price in payments is almost zero on the XRPLedger.
There is no reason that payments shouldn`t be universally accessible and the price charge should be zero. It`s like a public good.

Banking is just basically like… pic.twitter.com/hZNSfpzpkd

— Digital Perspectives (@DigPerspectives) June 12, 2025

This idea aims to make it easier for digital-first businesses to enter the space. He said this new approach would give companies like Ripple a path to owning a banking license, even though he clarified he wasn’t speaking for Ripple or suggesting they plan to apply.

Notably, his larger goal is to break up the dominance that traditional banks hold and make banking more accessible to new firms, whether they’re digital wallets, remittance companies, or even major retailers.

Greg Kidd: Cost of Moving Money Should be Minimal

Speaking further, Kidd pointed out that the cost of processing payments on the XRP Ledger is nearly zero, so the price of sending money should reflect that. He sees payments as something that should work like a public utility: low-cost and available to everyone.

Interestingly, Kidd criticized the current system, where only a few people, including himself and Jackie Reses from Lead Bank, have managed to secure banking licenses under the Biden administration.

The American entrepreneur called for a return to a time when competition, innovation, and inclusion drove the banking sector before the financial crisis of 2008 disrupted it.

Ripple and the Banking Scene

Meanwhile, Ripple has already made moves within the banking sector. In June 2024, the company became a Platinum Member of the American Bankers Association (ABA).

This top membership gives Ripple greater visibility and stronger access to banking leaders and policymakers, putting the blockchain payment firm in a better position to influence the direction of financial services.

Moreover, Ripple CEO Brad Garlinghouse, speaking at the same Las Vegas event, confirmed that the firm plans to rewire the banking system. According to him, Ripple wants to help banks move money faster and more cheaply by cutting out intermediaries and removing the need for pre-funded accounts.

Garlinghouse stressed that Ripple doesn’t aim to replace banks. Instead, the firm wants to work with them to speed up and simplify cross-border payments.

Putting the Banking Industry On-chain

Meanwhile, during his interview, Kidd also discussed Vast Bank, his latest venture. He explained that the reason he decided to buy a U.S. bank was to put real U.S. dollars directly on the blockchain.

He believes this will replace outdated banking ledgers with secure, real-time records on networks like the XRP Ledger. These on-chain dollars, backed by FDIC insurance and regulatory protections, could become available to people around the world.

Kidd also revealed that he invested in the Bank of London and is closing a deal in Europe. His goal is to bring dollars, pounds, and euros onto blockchain networks so that banking can run non-stop, 24/7, with digital money that never leaves the chain.