Crypto.com announced on Monday that it has secured conditional approval for a national bank trust charter from the U.S. Office of the Comptroller of the Currency (OCC). If the company clears final regulatory hurdles, it would operate as a federally regulated custodian with OCC oversight, enabling custody services for digital asset treasuries, exchange-traded funds, and other tokenized products across the United States. The application, which Crypto.com filed in October, signals a push toward regulated, institution-facing custody solutions as regulators weigh how crypto firms fit within traditional banking structures. The development comes amid a broader policy shift in Washington as regulators assess the path for crypto custody, stablecoins, and related financial services.
Key takeaways
- Crypto.com has won conditional approval from the OCC for a national bank trust charter, positioning it to offer nationwide custody under federal supervision.
- The OCC’s action comes two months after it conditionally approved five other national bank charters for Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos, signaling a growing regulatory pathway for crypto firms seeking bank-like status.
- Coinbase also applied for a national trust charter in October, stating it would not pursue a banking charter if approved.
- The American Bankers Association has urged the OCC to slow the pace of charter approvals for digital-asset firms until the GENIUS Act’s framework is fully implemented, arguing for robust safety and soundness standards.
- Nationally chartered trust companies could, in practice, be exempt from many state licensing requirements, a shift that could alter how crypto custodians operate across state lines.
Sentiment: Neutral
Market context: The OCC’s charter activity reflects a broader effort by U.S. regulators to define a federal framework for crypto custody and related services. As institutions seek regulated access to digital assets, the agency’s willingness to grant national trust charters signals a pathway for crypto firms to operate with bank-style oversight, while lawmakers debate stablecoins and payment infrastructure within the GENIUS Act and other regulatory constructs.
Why it matters
For Crypto.com, the conditional approval marks a consequential milestone in the company’s strategy to scale regulated custody services beyond traditional exchange models. A federally chartered custodian would offer clients a familiar, bank-like framework backed by OCC oversight, potentially increasing institutional comfort with safekeeping digital assets and related products. The ability to custody digital asset treasuries and exchange-traded funds at scale could reduce fragmentation in the market, offering a single, regulated point of custody for a broad array of tokenized assets. As regulated entities, these custodians may also gain access to mainstream banking services and payments rails that have historically remained out of reach for many crypto firms.
The OCC’s broader pattern — approving multiple national bank charters for crypto-focused firms — suggests a deliberate policy tilt toward integrating digital asset services into the U.S. banking system. This trend aligns with a growing cadre of firms pursuing trust-charter status as a route to credibility and growth within a tightly regulated financial ecosystem. At the same time, it invites ongoing questions about safety, risk management, and consumer protection in a rapidly evolving space. The ABA’s warning underscores the tension between innovation and prudence, highlighting the need for a clear regulatory timetable and robust standards before large-scale approvals are granted.
World Liberty Financial, another crypto-related firm pursuing a national bank charter with ties to the USD1 stablecoin project backed by high-profile political figures, illustrates the intense regulatory scrutiny surrounding these applications. The bank-charter process for World Liberty has drawn attention from lawmakers and regulators who are weighing the implications of native, in-house issuance and custody capabilities for digital-asset stablecoins. The OCC chair and senior staff have signaled a commitment to apolitical, nonpartisan review, even as political signals and stakeholder perspectives continue to shape the conversation.
In parallel, the regulatory dialogue continues to unfold around whether national charters should supersede or complement state-by-state licensing regimes. Legal experts have noted that a nationally chartered trust company could be exempt from much of the licensing friction tied to state rules, potentially streamlining cross-border or cross-state custody arrangements. This possibility adds a layer of strategic importance for issuers and asset managers contemplating multi-jurisdictional operations in the United States.
The ongoing debate also touches on the role of policy in facilitating or constraining innovation. While a federally chartered path can provide clarity and resilience for large-scale custody, regulators must balance that clarity with rigorous safety standards to protect customers and the financial system. As OCC reviews advance, market participants will be watching how quickly final approvals are issued, how the agency applies safety-and-soundness criteria to crypto-adjacent activities, and how the evolving framework interacts with broader legislative developments in the GENIUS Act era.
For more context on the specific filings and related regulatory developments, see the official crypto-company notices and industry coverage linked in this article, including Crypto.com’s conditional approval announcement, historical OCC actions on national bank charters, and related coverage of industry stakeholders urging caution or applauding progress.
What to watch next
- Final OCC approval for Crypto.com’s national bank trust charter and any conditions attached to it.
- Public decisions on the other recently approved national charters (Circle, Ripple, BitGo, Fidelity Digital Assets, Paxos) and any new applicants.
- Timeline and milestones for GENIUS Act implementation and how it might affect future charter reviews.
- Progress on World Liberty Financial’s charter bid and regulatory feedback from lawmakers and regulators.
- Coinbase’s regulatory status and any statements from the OCC on potential bank-charter interpretations for crypto companies.
Sources & verification
- Crypto.com press release confirming conditional OCC charter approval for a national trust charter: https://crypto.com/eea/company-news/cryptocom-receives-conditional-approval-from-occ-for-national-trust-bank-charter
- History of OCC conditional approvals for Circle, Ripple, BitGo, Fidelity Digital Assets, Paxos: https://cointelegraph.com/news/bitgo-circle-fidelity-bitgo-ripple-occ-approval-bank-conversion
- Coinbase application for a national trust charter: https://cointelegraph.com/news/crypto-exchange-coinbase-national-trust-charter-license
- ABA letter urging delay and safety standards: https://cointelegraph.com/news/bankers-push-occ-slow-crypto-trust-bank-charters
- World Liberty Financial’s charter bid and related coverage: https://cointelegraph.com/news/world-liberty-files-banking-charter-expand-usd1
Crypto.com gains conditional OCC national trust charter, signaling a broader shift in US crypto custody
Crypto.com has moved a step closer to a federally regulated custody framework, announcing conditional approval from the OCC for a national bank trust charter. If final approval is granted, the company would serve as a custodian across the United States, operating under OCC oversight. The company filed its application in October, aiming to provide custody services for digital asset treasuries, exchange-traded funds, and other tokenized products for institutional clients. This milestone comes amid a wave of regulatory activity as policymakers weigh how to integrate crypto-securities and digital assets into traditional banking systems. The OCC’s decision aligns with a broader push that has seen Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos receive conditional approvals in the preceding months, illustrating a concerted effort to establish a regulated pathway for crypto custodians. Crypto.com CEO Kris Marszalek framed the milestone as a testament to the company’s compliance culture and its commitment to delivering trusted, secure services that meet institutional expectations, a sentiment echoed in the broader industry narrative about formalizing crypto custody under a bank charter regime. Source: Crypto.com The development arrives alongside ongoing regulatory discussions about the balance between innovation and consumer protection in the crypto space, including questions about how national charters interact with state-level licensing regimes and whether a federally chartered custodian might enjoy exemptions from certain state requirements. Recent industry-background coverage highlights that the OCC’s approvals signal a growing appetite among federal regulators to incorporate crypto custody into the mainstream banking framework, a trend that could shape how institutions access custody services, secure settlement rails, and manage risk across digital asset portfolios. The broader policy environment—encompassing the GENIUS Act and related discussions—will influence how quickly such charters are granted and how strict the accompanying safety standards will be. For now, Crypto.com’s milestone stands as a signal that regulated custody is moving from concept to practice, and that the regulatory path for digital asset custodians is becoming more defined, even as scrutiny and debates continue across Washington.