The Office of the Comptroller of the Currency (OCC) has made significant changes to its national bank chartering rules, allowing trust banks to engage in non-fiduciary activities. This amendment provides a pathway for crypto firms, including Ripple, Circle, and Paxos, to access the Federal banking system and payment rails.
The OCC's final rule removes ambiguity and confirms that trust banks can legally perform non-fiduciary activities alongside traditional fiduciary services. This change is seen as a major regulatory milestone for the crypto industry, providing clarity on the legal status of trust-chartered crypto firms.