OCC Approves National Trust Charters for Five Major Crypto Firms

The Office of the Comptroller of the Currency (OCC) has taken a major step in the relationship between federal banking regulators and the digital asset industry. On December 12, the OCC granted conditional approval for national trust bank charters to five major crypto firms.

These approvals demonstrate how digital asset companies are increasingly aligning with the traditional banking system. The decision also reflects a changing regulatory environment and growing interest among crypto companies in federal charters. This article explains the key details and reactions.

OCC Grants Conditional Approvals

The OCC has conditionally approved national trust bank charters for five well‑known companies in the digital asset sector. Circle’s First National Digital Currency Bank is one of the companies.

Ripple National Trust Bank is another. BitGo Bank & Trust, National Association is also included. Fidelity Digital Assets, National Association, is part of the group. Paxos Trust Company, National Association, is the final company.

Circle, which issues the USDC stablecoin, and Ripple received approval for new de novo national trust bank charters. BitGo, Fidelity Digital Assets, and Paxos were approved to convert their existing state-level trust companies into federal-chartered trust companies.

Once these firms meet the final requirements, they will join about 60 existing national trust banks under OCC supervision. These requirements include capital standards, governance standards, and risk‑management standards.

National trust banks can provide fiduciary services such as asset custody and settlement. They do not take insured deposits. They also do not offer traditional banking products such as checking accounts.

Statements From the OCC

OCC Comptroller Jonathan Gould stated the approvals. He emphasized the benefits of innovation in the banking sector.

He said, “New entrants into the federal banking sector are good for consumers, the banking industry, and the economy. They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive, and diverse banking system.”

Gould also stated that the OCC employed its rigorous standard review process for these applications. He stated that the process was consistent with all charter decisions.

The approvals allow these firms to operate under a unified federal framework. This may help streamline digital asset custody and related activities across the country.

The move reflects a more accommodating regulatory environment for cryptocurrency under the current administration. It follows recent OCC guidance that affirmed banks’ authority in certain crypto activities.

It also comes during a surge in charter applications. There were 14 de novo filings in 2025. This number nearly matches the total from the previous four years combined.

Industry Response and Next Steps

Industry reactions have been positive, and many groups in the digital asset sector have welcomed the OCC’s decision. Many crypto advocates view the approvals as a significant milestone for regulatory clarity.

They believe the move helps establish a clearer path for digital asset firms that want to operate under a federal framework. Some traditional banking groups have raised concerns. They argue that trust charters may allow crypto firms to offer bank-like services without equivalent obligations.

These concerns reflect long‑standing debates about fairness and regulatory balance in the financial system. The approved firms must now meet all OCC conditions before they can begin operating as national trust banks.

These conditions include capital, governance, and risk‑management standards that apply to all national trust institutions. Anchorage Digital remains the only previous crypto firm with a full national trust charter.

The new approvals demonstrate the rapid growth in interest in federal charters within the industry.