Several major crypto firms, including Circle and Ripple, have received preliminary approval from the United States’ top banking regulator to establish national trust banks, marking a significant step toward integrating digital assets into the traditional banking system.
Regulatory approval
The Office of the Comptroller of the Currency (OCC) said it has granted conditional approval for two national trust banks: First National Digital Currency Bank and Ripple National Trust Bank. The approvals would allow the firms to offer custody and fiduciary services, including digital asset custody.
In addition, the OCC approved the conversion of BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company from state-chartered trust companies into national trust banks, enabling them to operate on a nationwide basis.
Final regulatory approval is still required before any of the institutions can begin operating. Once approved, the national trust bank charters would permit these firms to safeguard customer assets and support faster payment settlement, though they would not be allowed to accept deposits or extend credit.
The OCC said it applied the same rigorous standards and review process to these applications as it does to all other bank charter requests.
Anchorage Digital is currently the only crypto-focused firm holding a national trust bank charter. Overall, the OCC supervises around 60 national trust banks.
Crucial quote
“New entrants into the federal banking sector are good for consumers, the banking industry, and the economy,” said Comptroller of the Currency Jonathan V. Gould. “They provide access to new products, services, and sources of credit, while ensuring a dynamic, competitive, and diverse banking system.”
Key background
Some traditional banking groups had urged the OCC to reject the applications, arguing that granting national trust bank charters to crypto firms could allow them to operate under lighter regulatory requirements and potentially raise systemic risks.
The approvals come as the US administration under President Donald Trump continues to reshape federal cryptocurrency policy during his second term.
