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Five Crypto Companies Win Federal Banking Approval in Historic Regulatory Shift - Brave New Coin

Five crypto firms won conditional approvals to operate as federally chartered national trust banks under OCC oversight.
The charter recipients include Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos.
Charters allow digital asset custody and fiduciary activities under a single federal framework across all states.
The banks cannot accept deposits, make loans, or offer FDIC insurance like traditional banks.
The approvals align with the GENIUS Act framework, creating a federal oversight for stablecoins.
The OCC received 14 charter applications in 2025, signaling growing interest in federal crypto oversight.
Industry pushback questions whether crypto custody should be limited to traditional banks only.
The conditional approvals require meeting specific OCC conditions before full operation.
Circle plans to oversee USDC reserves and custody for institutions under its charter.
Ripple will run Ripple National Trust Bank but will not issue RLUSD through the bank.

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