Crypto.com has submitted an application with the U.S. National Trust Bank Charter. It aims to become the latest company alongside Ripple and Circle to apply to the federal banking license. The move marks a major step in the company’s push to expand its regulated financial services in the United States.
Crypto.Com Pursues Federal Banking Charter To Expand Crypto Custody Services
The application, filed with the Office of the Comptroller of the Currency (OCC), was announced via the company website. The company said the charter would allow it to strengthen its custody and staking services across multiple blockchain networks, including its native Cronos chain.
Crypto.com would be able to provide federally regulated custody solutions to corporate and institutional clients when it is issued a National Trust Bank Charter. This comprises of digital asset treasuries, exchange-traded fund and other professional investors interested in safe crypto management based on U.S. regulation.
Crypto.com’s chief executive, Kris Marszalek, said the company’s goal has always been to build trusted and regulated crypto products. He added that the charter application represents a natural progression in that mission. Marszalek emphasized the company’s commitment to providing secure and compliant services as the digital asset industry matures under tighter regulation.
Crypto Firms Seek Federal Oversight As U.S. Crypto Market Reforms Advance
Meanwhile, the filing will not affect the operations of Crypto.com Custody Trust Company (CCTC). The CCTC continues to function as a qualified custodian under the supervision of the New Hampshire Banking Department.
The company’s existing trust services remain fully operational and continue to serve clients independently of the new application. Crypto.com’s pursuit of a federal charter comes as the U.S. crypto industry is aiming to align with regulatory and banking standards. Lawmakers and regulators are advancing discussions on a potential market structure bill aimed at defining clearer rules for digital assets.
Ripple and Circle made a similar move earlier, applying for their own banking license amid efforts to expand regulated financial operations in the country. Like Ripple and Circle, Coinbase also filed for a national banking license.
These firms appear to be positioning themselves for a future where digital asset companies operate under the federal oversight. This is the same regulation under which traditional financial institutions operate. The OCC’s decision on the application will determine how soon the company can begin operating as a federally chartered entity.
Crypto.com’s application for a U.S. National Trust Bank Charter has come as its native token, Cronos (CRO), shows renewed market activity. The CRO price traded at $0.1464 at the time of writing.
This marks a 1.91% daily gain according to TradingView data. The intraday price movement showed CRO peaking near $0.149 before retracing to its current range.
Source: https://coingape.com/crypto-com-joins-ripple-in-federal-banking-license-bid/
