legal – Is Ripple a money transmitter under the FinCEN regulation? Do they have a money transmitter license?

The FinCEN guide states that

"An administrator is a person dedicated to the issuance of
(put into circulation) a virtual currency, and who has the
authority to exchange (withdraw from circulation) virtual sayings


"a administrator or convertible virtual currency exchanger.
that (1) accepts and transmits a convertible virtual currency or (2)
purchase or sells convertible virtual currency in exchange for currency
of legal tender or another convertible virtual currency for any
(even when the intermediation between a user and a seller of
goods or services that the user is buying on behalf of the user) is a
Money transmitter under the FinCEN regulations.

As I understand, Ripple, like Stellar, are money transmitters because they are administrators and sell convertible virtual currency in exchange for currency, BUT, as I have seen so far, Ripple has registered with FinCEN as MSB, but not specifically as a money transmitter.

In addition, as a money transmitter, you also need to obtain licenses in each state.

Am I missing something?

Thanks in advance!