Crypto Firm Secures Conditional Approval, Joins Rivals Amid Regulatory Scrutiny

Crypto.com has made significant strides in the cryptocurrency industry with the receipt of conditional approval from the Office of the Comptroller of the Currency (OCC) to become a federally regulated custodian. This development is notable as it places Crypto.com alongside other prominent crypto firms, including Ripple and Circle, which have also secured similar approvals.

The OCC's decision grants conditional approval for Crypto.com to supervise and hold client assets, as well as facilitate trade settlement in a federally supervised system. However, it's essential to note that this approval is not without controversy, as World Liberty's charter application faces review amid concerns over systemic risk, foreign ownership, and potential political influence.

Analysts suggest that a national trust bank charter is crucial for crypto-native firms to gain institutional customers and integrate further into the traditional financial system. The conditional approval granted to Crypto.com marks a significant milestone in its journey toward achieving this goal.