8legs: Office of the comptroller of the currency

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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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#2 out of 3

Five crypto firms received conditional approvals from the OCC to become federally chartered trust banks, signaling a tighter alignment with federal oversight.
Ripple and Circle will convert their operations to national trust banks, joining Fidelity Digital Assets, BitGo, and Paxos under federal supervision.
The new charter is a national trust bank license, which does not permit full lending or FDIC-insured deposits and carries limits.
The GENIUS Act framework will guide these firms’ federal operations, establishing a federal baseline for stablecoins and related activities.
OCC officials say the move advances federal regulation of crypto custody within a dynamic U.S. banking landscape.
Industry executives hailed the approvals as validation that federal regulation can strengthen the digital asset ecosystem.
Banking groups Express concerns that slimmed-down licenses may enable crypto firms to offer core banking services like lending and deposits.
Anchorage Digital remains the only previous full national crypto bank charter holder prior to this round of approvals.
The approvals could influence regulatory trajectories for stablecoins like Circle's USDC and Paxos' PYUSD.
The OCC’s action reflects a broader trend toward integrating crypto custody within federal oversight as part of modernizing the banking system.
The round expands the set of firms moving from state to conditional federal status, signaling a shift in how crypto services may be regulated nationwide.

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#3 out of 3

The OCC report accuses several top banks of discriminatory practices against crypto firms in the name of financial crime prevention.
The investigation traces back to a 2020 executive order instructing the OCC to review banks’ customer practices.
Banks including JPMorgan Chase, Bank of America, and Wells Fargo faced heightened scrutiny over crypto-related clients.
The OCC signaled regulatory changes by allowing banks to engage in riskless principal crypto transactions.
Crypto firms may still face obstacles as regulators debate how to grant broader banking access.
Analysts see the OCC move as potentially opening a path toward more integrated crypto banking.
The article frames the era as ‘weaponized finance’ amid a volatile regulatory climate for crypto.
The piece notes ongoing debates about debanking and the need for transparent banking access.
Industry observers suggest crypto firms may explore fiat-crypto bridges or offshore options.
Overall, the OCC findings foreshadow regulatory changes and ongoing debate over crypto access to banking.

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