In a landmark development for the US cryptocurrency sector, the Office of the Comptroller of the Currency (OCC) granted preliminary approval on December 12 for major crypto companies, including Ripple and Circle, to establish national trust banks. This decision also conditionally approved applications from BitGo, Paxos, and Fidelity Digital Assets to convert existing state trust bank charters into national charters, allowing these firms to operate across the country under federal oversight. While final approval from the OCC is still required before these banks can officially launch, the move signals growing recognition of digital assets within the traditional banking system.
If finalized, these national trust bank charters would allow crypto firms to manage and hold assets on behalf of customers and facilitate faster payment settlements. Importantly, the license does not authorize these companies to take deposits or issue loans, maintaining a narrow focus on custody and transaction services. Currently, Anchorage Digital is the only crypto company with a national trust bank charter, and the OCC supervises a total of 60 such institutions.
The development has drawn mixed reactions from the financial sector. The Bank Policy Institute expressed concerns over potential regulatory gaps, noting that requirements may need careful tailoring to match the unique risks of digital asset businesses. At the same time, OCC Comptroller Jonathan Gould emphasized that new entrants into the federal banking sector could benefit consumers, strengthen the industry, and support the broader economy.
From a market perspective, these approvals could accelerate mainstream adoption of cryptocurrencies by integrating them more fully into regulated financial infrastructure. For Ripple and Circle, the ability to operate under a national charter offers credibility and operational flexibility, potentially increasing trust among institutional investors and retail clients. The conditional approvals also highlight ongoing tensions between innovation and oversight, as traditional banks have urged caution, warning that lighter federal regulation might increase systemic risk.
Looking ahead, the crypto community will closely watch the OCC’s final decisions, as the outcome could set a precedent for how digital asset companies interact with the US banking system. This move represents a significant step toward mainstream financial integration for cryptocurrency firms, signaling a new era in the regulation and operation of digital assets in the United States.
