Crypto Firms Make Strides Towards National Trust Bank Status

The Office of the Comptroller of the Currency (OCC) has granted conditional approval to Crypto.com, allowing it to operate as a national trust bank. This move is part of an ongoing trend, where several prominent crypto firms have received similar charters.

Other companies that have received OCC approval include Ripple, Circle, Paxos, BitGo, and Fidelity Digital Assets. These firms will be able to manage and hold client assets within a federally regulated structure.

The banking lobby has expressed concerns over the process, with some urging the OCC to slow its review of crypto companies' charter applications. The lobbying group has raised concerns about the potential risks associated with these companies operating as national trust banks.