- Crypto.com secured conditional approval for a national bank trust charter from the U.S. OCC.
- The OCC approval would allow Crypto.com to operate as a federally regulated crypto custodian.
- Crypto.com joins Circle, Ripple, BitGo, and Paxos with conditional OCC trust approvals.
Crypto.com Wins Conditional Trust Charter From OCC after the US Office of the Comptroller of the Currency granted the exchange preliminary approval for a national bank trust charter. The decision places Crypto.com among several digital asset firms that have recently received conditional clearance from the federal banking regulator.
OCC Grants Conditional Approval to Crypto.com
Crypto.com announced that it secured conditional approval from the OCC to establish a national bank trust. The company said that once fully approved, it would operate as a federally regulated custodian across the United States. The institution would be subject to ongoing OCC oversight.
The exchange submitted its application in October. At that time, it stated that it planned to provide custody services for digital asset treasuries, exchange-traded funds, and other institutional clients. The conditional approval marks a step in that process.
Kris Marszalek, co-founder and CEO of Crypto.com, said, “This conditional approval is the latest testament to both our commitment to compliance and to providing customers trusted and secure services they expect from Crypto.com.” The company did not provide a timeline for final approval.
Broader OCC Approach to Crypto Firms
The OCC has issued several conditional approvals in recent months. In addition to Crypto.com, the regulator granted similar approvals to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. These decisions reflect the agency’s ongoing engagement with digital asset companies.
Coinbase also applied for a national bank trust charter in October. However, the company has stated that it has “no intention of becoming a bank” if its application is approved. Other applicants remain under review.
National trust bank charters can provide certain regulatory benefits. Because many state money transmission laws exclude chartered trust companies, a national charter may reduce the need for multiple state licenses. Legal professionals have noted that such charters can streamline compliance across jurisdictions.
Industry Reactions and Additional Applications
The American Bankers Association recently urged the OCC to delay new trust charters for digital asset firms. In a comment letter, the group said each review should apply “robust, broadly applicable safety and soundness standards.” The association also requested that the OCC not measure decisions against traditional timelines.
Other crypto companies have also sought national trust charters. World Liberty Financial, linked to US President Donald Trump and his family, applied in January. The firm said the charter would allow it to issue and custody its USD1 stablecoin directly.
The application has drawn attention from lawmakers. Senator Elizabeth Warren stated that she had “no confidence” that the review would be handled fairly. OCC head Jonathan Gould said the process would be “apolitical and nonpartisan.” The regulator continues to evaluate applications as digital asset firms pursue federal banking status.
Source: https://www.livebitcoinnews.com/crypto-com-wins-conditional-trust-charter-from-occ/
