OCC opens the door wider for crypto firms The Office of the Comptroller of the Currency (@USOCC) is pressing ahead with its push to bring digital asset companies into the federal banking syst
The Office of the Comptroller of the Currency (@USOCC) is pressing ahead with its push to bring digital asset companies into the federal banking system. Comptroller Jonathan Gould (@USComptroller) has stated that firms operating in digital assets should have a viable route to becoming national banks. Gould said firms engaged in legally permissible activities, including "digital assets and other novel technologies," should have a path to becoming a national bank.
The pace of applications has picked up sharply. The OCC's current digital asset licensing list contains 13 pending applications from entities planning to offer crypto or other digital asset products. In total, the agency has taken in 40 de novo applications over the past 18 months, a significant acceleration compared with the years when regulators effectively discouraged new entrants. That earlier shortage of applications was not due to lack of demand. Rather, regulators too often gave would-be organizers clear signals that applications for federal bank charters were not welcome, would be indefinitely delayed, and would ultimately be denied if not withdrawn.
Several major crypto firms have already cleared the initial hurdle. On December 12, 2025, the OCC granted conditional approval of five national trust bank charter applications. The approvals included two de novo charters, First National Digital Currency Bank (Circle) and Ripple National Trust Bank, and the conversion of three state trust companies, BitGo Bank and Trust, Fidelity Digital Assets, and Paxos Trust Company, into uninsured national trust banks.Crypto.com subsequently received conditional approval for a national trust bank charter, with its entity, Foris Dax National Trust Bank, receiving the nod roughly four months after submitting its application in October.
Coinbase later received conditional approval from the OCC to charter Coinbase National Trust Company.The charter is structured as a non-insured national trust company, meaning Coinbase will not take deposits or issue loans. The scope covers custody, staking, and related fiduciary and trust functions for institutional clients.
The process has not been without friction. The Independent Community Bankers of America asked the @USOCC to reject Coinbase's application in December, and the American Bankers Association urged slower reviews in February. The American Bankers Association and others asked the OCC to postpone applications, arguing there are significant policy and legal questions as to whether applicants' proposed business plans involve the types of fiduciary activities performed by such banks. Gould has pushed back against those concerns, arguing that limiting digital asset firms' access to federal charters would undermine competition and innovation in the banking system.
For firms that do obtain final approval, the advantages are meaningful. A national bank charter can convey significant advantages including the preemption of state banking laws in certain areas, access to the Federal Reserve payments system, and the license of federal supervision.
Sources:OCC: Conditional Approvals for Five National Trust Bank Charter ApplicationsBanking Dive: Crypto.com gets OCC conditional nod for charterCrypto.news: OCC says crypto firms can pursue U.S. bank charters
