Ripple Surpasses PACE Act Requirements with Over 50 Money Transmitter Licenses

Ripple has positioned itself ahead of ongoing US legislative changes by accumulating more than 50 money transmitter licenses, surpassing the requirements set out in the proposed PACE Act. The Payment Access to Cryptocurrency Entities (PACE) Act aims to provide a regulatory framework for digital asset companies connecting directly to Federal Reserve payment systems.

Under the bill, applicants must secure money transmitter licenses in at least 40 states, establish one-to-one reserves, comply with the Bank Secrecy Act, and register as a 'covered provider' with the Office of the Comptroller of the Currency (OCC). Ripple holds licensing in more than 50 states, including in New York and Texas.

SMQKE emphasized that Ripple's portfolio of over 50 licenses means it already exceeds the bar set by the PACE Act. The company's adoption of ISO 20022, a global banking format that standardizes data-rich messaging between payment systems, also supports its eligibility for integration with FedNow and the XRP Ledger.