US Banking Regulator Grants Conditional National Trust Charters to Major Crypto Firms
The Office of the Comptroller of the Currency (OCC) in the United States has issued conditional approval for five major cryptocurrency companies to operate as national trust banks, marking a significant step toward integrating digital asset firms into the US federal banking system.
In an announcement released on December 12, the OCC said it had approved applications from Circle Internet Group, the issuer of the USDC stablecoin, and Ripple, the blockchain payments company, to establish new national trust banks.
- Circle plans to launch First National Digital Currency Bank, while Ripple intends to form Ripple National Trust Bank, subject to meeting regulatory requirements.
- In addition, the regulator authorized Paxos, BitGo, and Fidelity Digital Assets to convert their existing state-level trust licenses into national trust bank charters.
- The move brings some of the largest and most established players in the crypto industry closer to operating under the same federal oversight as traditional banking institutions.
Jonathan Gould, the Trump-appointed Comptroller of the Currency, said the decision reflects the regulator’s effort to modernize the banking system while maintaining safety and soundness. “Allowing new entrants into the federal banking system promotes innovation, competition, and broader consumer access to financial services. OCC remains committed to supporting both conventional and emerging financial models as the economy evolves.” Gould said in a statement.
The approvals, however, are preliminary and conditional currently.
- To receive final authorization, the firms must comply with a series of requirements set by the OCC, including maintaining minimum capital and liquidity levels.
- Their operations will also be restricted strictly to trust banking activities, rather than full-scale commercial banking.
The firms must further align with provisions of the GENIUS Act, signed into law earlier this year, which establishes a federal regulatory framework for dollar-backed stablecoins. Additional compliance may be required under forthcoming legislation, including a broader crypto market structure bill that Congress is expected to consider next year.
Until all conditions are met, the OCC retains the authority to modify, delay, or withdraw its approvals.
The OCC currently supervises hundreds of federally chartered banks and savings associations, along with around 60 national trust banks.
- Of those, only Anchorage Digital has so far operated primarily in the cryptocurrency sector.
- Anchorage CEO Nathan McCauley welcomed the regulator’s decision, calling it overdue and validating the view that federal oversight strengthens the digital asset ecosystem.
- He noted that Anchorage’s early approval has given the firm a multi-year head start over new entrants.
Not everyone in the traditional banking sector has reacted positively. Banking trade groups have raised concerns that national trust charters could allow crypto firms to access core banking functions – such as payments and custody, without being subjected to the same regulatory expectations as full-service banks.
The Bank Policy Institute, which represents large US banks, said the OCC’s decision leaves unresolved questions about whether the regulatory requirements imposed on the crypto firms are adequately tailored to the risks they possibly possess.
Despite the debate, the conditional approvals signal a growing willingness by US regulators to formally incorporate digital asset companies into the federal banking framework, potentially reshaping the future of financial services in the United States.
Helene Elliott is the senior reporter for News Raise. She covers Science news. She also has a keen interest in photojournalism. Helene holds a nomination for the prestigious Red Smith Award. She is married to author Dennis D’Agostino, a former publicist with the New York Mets.
