Crypto Giants Race for US Bank Charter
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At the moment, the crypto industry is experiencing a surge of institutional interest as major players in the digital assets space like Ripple, Circle, and Fidelity push for a US bank charter. As it stands, these firms are aiming to gain federal approval from the Office of the Comptroller of the Currency (OCC), which would allow them to offer digital asset services on a national scale.
To this end, this move marks a shift towards general acceptance and regulation of digital assets within the traditional banking system.
Increasing Interest in Crypto Banking
Six prominent crypto firms are currently awaiting approval from the OCC to operate under a federal banking license. These firms are seeking to gain credibility by aligning with the national regulatory framework.
Source: OCC
Among the latest applications is Bitgo Bank & Trust, which filed on July 14. Ripple National Trust Bank applied on July 2, while Circle’s First National Digital Currency Bank submitted its application on June 30. Other applicants include Erebor Bank (June 12), Fidelity Digital Assets (June 11), and National Digital Trust Co. (May 28). Right now, these filings translate to the growing trend of digital assets companies, aiming to get involved in Traditional finance by becoming part of the federal banking system.
The OCC’s Changing Stance
It is noteworthy that the OCC has recently softened its approach to digital assets, notably with Interpretive Letter 1183 in March 2025. Also, this guidance has made it easier for national banks to engage in crypto-related activities, such as managing stablecoin reserves or operating blockchain nodes, without requiring special approval. However, it appears that the agency has changed its perspective by withdrawing earlier statements that had warned against the risks of crypto. It looks like the agency is now shifting toward a more supportive regulatory environment.
To this end, this change is expected to encourage responsible innovation and streamline the process for crypto firms targeting a spot in the banking sector.
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