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Five Crypto Firms Step Closer to Become a Bank, Including Ripple, Circle, BitGo
Five firms gain conditional national trust bank charters to offer federally supervised digital-asset custody and banking, joining 60 existing national trust banks, the OCC said.
- The OCC conditionally approved five digital asset firms for national trust bank charters, announcing the decision Friday and prompting statements from Paxos Trust Co.
- Applying longstanding standards, the Office of the Comptroller of the Currency said it applied the same rigorous review used for all charter applications, Comptroller of the Currency Jonathan Gould said Monday.
- Circle's First National Digital Currency Bank and Ripple National Trust Bank received de novo approvals, while Paxos Trust Co., BitGo Bank & Trust, and Fidelity Digital Assets will convert state charters, according to OCC statements.
- The approvals will enable customers to innovate and grow digital-asset businesses safely within the U.S., joining about 60 national trust banks, as Nathan McCauley praised the step.
- Not all applicants were approved, with Coinbase and Bridge left out Friday, while Greg Baer, CEO of the Bank Policy Institute, urged the Office of the Comptroller of the Currency to reveal more details and noted Anchorage Digital Bank's 2021 charter set a mixed precedent.
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OCC Conditionally Approves Five National Trust Bank Charters
TLDR: Two de novo national trust banks, including Ripple, receive conditional federal approval. Three state trust companies convert to national trust banks under OCC supervision. New entrants increase access to credit, services, and financial products for consumers. Federal oversight ensures consistency, governance, and risk management across all banks. The Office of the Comptroller of the Currency has granted conditional approval to five natio…
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Total News Sources35
Leaning Left0Leaning Right1Center4Last UpdatedBias Distribution80% Center
Bias Distribution
- 80% of the sources are Center
80% Center
C 80%
R 20%
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