Former congressional candidate and entrepreneur Greg Kidd revealed plans for a novel banking charter that could open the door for companies like Ripple to obtain banking licenses. He shared this during a one-on-one interview with Eleanor Terrett at the recent XRP Las Vegas conference.
Proposed Charter to Simplify Banking Access
Kidd, co-founder of Haka Yaka Ventures and owner of Vast Bank, explained that although he’s not currently pursuing office again, he remains active in legislative efforts focused on financial innovation.
He is developing a targeted charter designed for institutions handling only deposits and payments, without the need for physical branches or lending operations. The charter aims to facilitate licensing for digital-first firms, such as Ripple, although Kidd emphasized that he was speaking theoretically and did not suggest Ripple planned to apply.
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
His stated objective is to shift the banking landscape away from traditional dominance, making it accessible to new participants, including digital wallets, remittance platforms, and major retailers, by enabling these entities to function as banks without full regulatory burdens.
Advocating for Lower Payment Costs
Kidd also highlighted the low cost of settlement on the XRP Ledger, noting that the expense of moving money using XRPL is nearly zero. He stated that the cost of payments should be minimal and equated efficient payment systems to public utilities.
He criticized the current licensing regime, observing that only a few individuals, such as himself and Jackie Reses from Lead Bank, have successfully secured banking permissions under the Biden administration. He called for a restoration of competitive and inclusive banking practices predating the 2008 financial crisis.
Ripple’s Position in the Banking Sector
Meanwhile, Ripple has steadily advanced its integration into traditional finance. In June 2024, the company joined the American Bankers Association (ABA) as a Platinum Member, increasing its engagement with regulatory and banking leaders.
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During the same Las Vegas event, CEO Brad Garlinghouse reiterated Ripple’s commitment to reforming banking by enabling faster, cheaper cross-border payments, without displacing banks, but enhancing their settlement capabilities.
Kidd also discussed his strategy of acquiring a U.S. bank to directly issue dollar-backed tokens on the blockchain. Through Vast Bank, he aims to transition traditional banking records to secure, real-time on-chain entries while preserving FDIC insurance and regulatory standards.
He added that he is engaging with European institutions such as the Bank of London to launch Euro- and Pound-backed tokens, supporting continuous, 24/7 on-chain banking globally.
Greg Kidd’s proposal for a streamlined banking charter reflects a broader push to modernize the financial system and make it more accessible to innovative players in the digital economy.
By advocating for regulatory frameworks that accommodate blockchain-based institutions, Kidd envisions a future where companies like Ripple can operate with the legitimacy and functionality of traditional banks, without the legacy constraints.
Disclaimer: This content is meant to inform and should not be considered financial advice. The views expressed in this article may include the author’s personal opinions and do not represent Times Tabloid’s opinion. Readers are urged to do in-depth research before making any investment decisions. Any action taken by the reader is strictly at their own risk. Times Tabloid is not responsible for any financial losses.
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