TL;DR
- The OCC conditionally approved five crypto firms for national trust bank charters.
- Two are new banks (Ripple, a Circle entity), three are conversions (BitGo, Fidelity, Paxos).
- These charters allow custody and trust services, but not insured deposits or loans.
BitGo receives approval from the Office of the Comptroller of the Currency (OCC) to convert into a National Trust Bank, placing the digital asset custodian within the perimeter of the U.S. federal banking system.
The OCC grants conditional approval, a process that requires compliance with capital rules, governance standards, and operational controls before final authorization. BitGo enters a short list of crypto-focused institutions that operate under direct federal supervision, alongside Anchorage Digital, which obtained similar status in 2021 and became the first federally regulated bank dedicated to digital assets.
The U.S. Office of the Comptroller of the Currency (OCC) has issued conditional approvals for five national trust bank charter applications tied to major digital-asset firms, a move that brings several of the industry’s largest custody and stablecoin players closer to operating under a federal banking framework.
Who was approved, and in what form
The OCC’s approvals split into two categories:
De novo (new) national trust banks
- Ripple National Trust Bank
- First National Digital Currency Bank (a Circle-related entity)
Conversions to national trust banks
- BitGo Bank & Trust
- Fidelity Digital Assets
- Paxos Trust Company
The OCC noted that it reviewed each application on its “individual merits” under applicable statutory and regulatory factors, and it added that the newly approved institutions join roughly 60 national trust banks the agency already supervises.
What a national trust bank charter typically allows (and does not allow)
National trust banks generally focus on fiduciary and custody activities. In reporting on the OCC’s action, multiple outlets emphasized that these trust bank charters do not equate to full-service commercial banking, meaning they typically do not include accepting insured deposits or making loans in the way traditional banks do.
In practical terms, the approvals can create a clearer federal lane for services such as digital-asset custody, trust administration, and certain payments-related functions—subject to the specific conditions the OCC imposes before final approval.
“Conditional” approval: what happens next
The approvals are preliminary. The applicants must satisfy OCC requirements—commonly spanning capital, governance, controls, and risk management—before the agency grants final charter approval and allows the institutions to open. For de novo applicants, the OCC’s published conditions and related documents indicate additional pre-opening steps and examinations prior to final authorization.
OCC message: competition and modernization
Comptroller of the Currency Jonathan V. Gould framed the approvals as pro-competition, arguing that new entrants can expand access to products and services and keep the federal banking system aligned with financial innovation.
“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. The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy.”
Industry context: Anchorage remains an early benchmark
The decision also highlights how rare federally chartered digital-asset trust banks still are. Anchorage Digital received the first widely cited national trust bank charter focused on digital assets in 2021, and its leadership has argued that a federal framework can strengthen the sector’s credibility with institutional clients.
