On December 12, 2025, the U.S. Office of the Comptroller of the Currency (OCC) conditionally approved multiple cryptocurrency firms to establish national trust bank charters. Ripple and Circle secured new national charters, while BitGo, Paxos and Fidelity Digital Assets received conditional approval to convert existing state trust bank charters to national status. Each charter will enable these firms to operate across state lines under federal supervision, solely for custody, asset management and settlement activities, without permission to accept deposits or issue loans.
The OCC’s conditional approvals represent a significant regulatory milestone for digital asset integration into the traditional banking framework. Anchorage Digital remains the only crypto-native entity with a fully operational national trust bank charter. The new entrants will join a total of 60 federally supervised trust banks, each subject to the same compliance, reporting and capital requirements as other national banking institutions.
Industry stakeholders anticipate that federal charters will expedite customer asset transfers, reduce settlement times and enhance consumer confidence in custody services. However, concerns have been raised by traditional banking groups and industry advocates regarding systemic risk, regulatory parity and the adequacy of oversight frameworks for novel digital asset operations. The Bank Policy Institute expressed the need for clear risk management standards tailored to the unique profiles of digital asset firms.
Approval of national charters for crypto firms aligns with broader federal policy initiatives to foster innovation in digital finance while maintaining financial stability. Recent executive directives and congressional proposals have emphasized the need for a cohesive regulatory approach to digital assets, including stablecoins and blockchain-based payment systems. The OCC’s actions signal a willingness to integrate qualified digital asset firms into the federal banking system, subject to stringent oversight and ongoing risk assessment.
Final charter activation remains contingent upon satisfaction of all organizational, capital and compliance conditions set forth by the OCC. Upon completion, these charters will enable qualified crypto firms to offer federal-level custody and settlement services nationwide, positioning the U.S. as a leader in regulated digital asset banking infrastructure.
Comments (0)