OCC Approves Crypto Firms for National Trust Banks
Update: 2025-12-12
Description
The Office of the Comptroller of the Currency (OCC) has granted conditional approval for five cryptocurrency companies to establish national trust banks, including Circle and Ripple. This move brings these crypto giants closer to traditional banking, allowing them to create First National Digital Currency Bank and Ripple National Trust Bank, respectively. Paxos, BitGo, and Fidelity Digital Assets also received approval to convert their state trust licenses into national ones. The OCCs decision aims to foster a more dynamic and competitive banking system, but its important to note that these licenses dont allow for loan-making or deposit-taking, and customer accounts may not be FDIC insured. The OCC will continue to oversee these new national trust banks, with only one currently operating in the crypto space.
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