Oct 2, 2026
The U.S. Office of the Comptroller of the Currency announced that digital asset companies conducting legally permissible activities can pursue national bank charters, marking a significant regulatory opening for the crypto industry. The move comes as traditional financial institutions increasingly adopt blockchain technology and tokenized assets, though the OCC recently rejected Dutch fintech Bunq's charter application.
Circle secured a limited-purpose trust charter from the New York Department of Financial Services, allowing it to operate Circle Internet Trust Company and adding state-level oversight to its existing federal OCC national trust approval.
The U.S. Office of the Comptroller of the Currency denied London-based payments company Wise's application for a national trust bank charter, citing deficiencies. Wise plans to resubmit a new application under the GENIUS Act stablecoin framework.
EDX Markets, backed by Citadel and Charles Schwab, applied for a national trust charter from the Office of the Comptroller of the Currency on April 1, 2026, to offer regulated custody and asset services separate from its trading operations. EDX joins at least eight other crypto firms pursuing similar federal banking charters.
Coinbase received conditional approval from the U.S. Office of the Comptroller of the Currency to operate as a national trust bank, enabling it to offer federally regulated crypto custody services. The approval moves Coinbase closer to operating as a federally regulated custodian pending final compliance review.
The US Senate has confirmed Jonathan Gould, former Bitfury legal chief, as head of the Office of the Comptroller of the Currency (OCC) with a 50-45 vote. While his crypto background adds industry expertise, some lawmakers have raised concerns about his regulatory stance and past affiliations.
The Office of the Comptroller of the Currency (OCC) has authorized U.S. banks to provide crypto custody and execution services, including through third-party providers, without prior regulatory approval, fostering innovation while maintaining strict safety and compliance standards.
The Office of the Comptroller of the Currency's letter allowing banks to offer cryptocurrency services marks a major shift for the crypto industry, signaling increased regulatory acceptance and the integration of digital assets into the traditional banking system.