OCC Approves National Bank Trust Charters for Crypto Firms
The US Office of the Comptroller of the Currency (OCC) announced on Friday that it has conditionally approved national bank trust charters for several digital asset companies.
Ripple and Circle received approval for their banks, Ripple National Trust Bank and First National Digital Currency Bank. BitGo Bank and Trust, Fidelity Digital Assets, and Paxos Trust Company were given conditional approval to switch from state trust companies to national trust banks. These firms will get full approval after meeting OCC conditions.
A national bank trust charter allows these companies to work as regulated banks. They can hold clients’ assets but cannot accept cash deposits or offer loans.
Comptroller of the Currency Jonathan V. Gould said, “New entrants into the federal banking sector are good for consumers, the banking industry and the economy.”
BitGo Receives Full Approval as Federally Chartered Bank
BitGo confirmed it met the OCC’s conditions for full approval. The company is now a federally chartered bank. Before this, Anchorage Digital was the only crypto firm with a national bank charter.
BitGo CEO and cofounder Mike Belshe said on X, “Regulators are responsibly bringing digital asset companies into the financial system to unlock new assets, new markets, and 24×7 global payments.”
Industry Leaders Praise Regulatory Progress
Ripple CEO Brad Garlinghouse called the approval a “massive step forward” for the firm’s RLUSD stablecoin. It will now have both federal and state oversight.
The crypto industry has seen a softer regulatory environment under President Donald Trump’s administration. This year, the passage of the GENIUS Act marked an important step toward stablecoin regulation for crypto firms.
