OCC says crypto firms can pursue U.S. bank charters

The Office of the Comptroller of the Currency (OCC) said on Aug. 11 that digital asset companies conducting legally permissible activities should have a route into the U.S. national banking system, as Comptroller Jonathan V. Gould renewed the agency's push to revive new bank formation.

Gould said in the OCC release that the regulator received 40 de novo applications over the past 18 months, including national trust bank applications, and has decided many complete applications within 120 days. He added that "America and the OCC are once again open for business." The statement followed the FDIC's Aug. 10 announcement of a new review system for deposit insurance applications.

OCC crypto bank charter pipeline has 13 pending applications

The OCC's current digital asset licensing list contains 13 pending applications from entities planning to offer crypto or other digital asset products. They include Payward National Trust Company, World Liberty Trust Company, Revolut Bank US, PAYO Digital Bank, EDX Trust, Agora National Trust Bank and Dakota National Trust Bank. Dakota's July 28 filing is the newest currently listed.

Several large crypto companies have already moved further through the process. The OCC conditionally approved applications involving Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos in December 2025. Coinbase received preliminary conditional approval in April. OCC records show Circle's First National Digital Currency Bank became effective July 10.

The path is not automatic. OCC records show Wise National Trust's application was denied on July 21. The decision offers a counterpoint to claims that the regulator is simply opening federal charters to every new entrant.

FDIC reform creates a faster route for insured new banks

The FDIC's new process applies to federal deposit insurance applications received after Aug. 15. Phase one begins when an application arrives and aims for contingent authorization within 120 days. Phase two can run for up to 12 months while organizers complete requirements for final approval and a deposit insurance order.

The change primarily matters to new institutions seeking insured deposits. Many digital asset companies pursuing national trust bank charters follow a different structure and do not seek FDIC insured deposits. Gould nevertheless said the FDIC reform supports the OCC's broader effort to reverse the decline in new bank formation. The OCC received fewer than four charter applications annually on average from 2011 through 2014.

The OCC also adopted a chartering rule effective April 1 that replaced references to "fiduciary activities" with "operations of a trust company and activities related thereto." The OCC said the change neither expands nor contracts its chartering authority.

Crypto bank charters remain a Washington policy fight

The expansion has faced resistance from lawmakers and banking groups. Sen. Elizabeth Warren has questioned whether some crypto trust charters exceed the National Bank Act's limits. The Bank Policy Institute has also challenged individual applications. Its June comment on Payward asked the OCC to examine capital and liquidity support, affiliate transactions, resolution planning and whether proposed activities fall within national trust bank powers.

The dispute matters because a national trust charter can place crypto custody, settlement and other permitted services under one federal supervisor rather than a patchwork of state regimes. The precise activities available still depend on the charter, regulatory conditions and other applicable laws. The OCC's April rule says the agency's underlying charter authority was not expanded.

What happens next for OCC crypto bank charters

Gould's latest statement indicates that the OCC intends to keep accepting applications from digital asset businesses rather than impose a blanket exclusion. Applicants must still satisfy regulatory, financial, management and supervisory requirements before receiving final authorization. Conditional approval alone does not permit a proposed bank to begin business.

Attention now turns to the 13 pending digital asset applications and firms that already hold conditional approvals. The FDIC's two phase process begins applying to new insurance applications after Aug. 15. Further OCC approvals, denials or any formal legal challenge from industry groups could determine how quickly more crypto companies gain a federal banking foothold.

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