OCC Grants Conditional Trust Bank Charters to Crypto Firms

OCC approved trust bank charters for Circle and Ripple and conversions for BitGo, Paxos and Fidelity Digital Assets.

The move shifts major crypto firms under federal supervision, focusing on custody and fiduciary services, not lending.

Firms say charters strengthen oversight of stablecoins and digital assets as OCC policy turns more accommodative.

The U.S. Office of the Comptroller of the Currency announced that it granted conditional national trust bank charters to five digital asset firms. The approvals cover Circle, Ripple, BitGo, Paxos and Fidelity Digital Assets. The move places stablecoin issuers and custodians under federal oversight after meeting regulatory conditions.

Which Firms Received Conditional Approval

The OCC approved two new national trust banks and three charter conversions. Notably, Ripple and Circle’s First National Digital Currency Bank received de novo national trust bank approvals. Meanwhile, BitGo, Fidelity Digital Assets, and Paxos gained approval to convert existing state trust charters to federal status.

Once finalized, these firms will join about 60 OCC-regulated national trust banks. However, trust banks face limits compared to full national banks. They cannot accept deposits or issue loans. Instead, they focus on fiduciary services, including digital asset custody and administration.

According to the OCC, the agency applied the same review standards used for all charter applications. Each firm must still meet operational, compliance, and supervisory requirements before final approval.

Regulatory Shift Under OCC Leadership

The approvals follow a policy shift under Comptroller Jonathan V. Gould, appointed during President Donald Trump’s administration. Previously, crypto firms relied mainly on state charters. However, the OCC has moved toward accommodating federally supervised digital asset institutions.

Gould stated that the OCC supports both traditional and innovative financial services. He added that new entrants strengthen competition and consumer access. The OCC remains the only federal agency authorized to charter national banks and trusts.

The agency also released a report Thursday addressing debanking practices. It stated that major U.S. banks severed ties with lawful businesses, including crypto firms, and may face penalties.

Responses From Circle, Ripple, and Other Firms

Ripple CEO Brad Garlinghouse described the approval as “huge news” in a post on X. He referenced Ripple’s $1.3 billion RLUSD stablecoin and criticized banking industry opposition. Circle said its charter would enhance oversight of USDC reserves and support institutional custody services.

Paxos highlighted its federally regulated platform for issuing and settling digital assets. BitGo CEO Mike Belshe said the approval marks deeper regulatory integration. Fidelity Digital Assets also received conversion approval, expanding its federal regulatory status.

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