OCC Opens the Door for Crypto Firms to Operate as National Trust Banks

The rule, set to take effect April 1, 2026, makes one seemingly simple change: it replaces the narrow term “fiduciary activities” with the broader phrase “operations of a trust company and activities related thereto.” That language swap carries real weight.

What Actually Changed

Under the old rules, special purpose banks that wanted to operate without taking deposits or making loans faced a tighter legal box. The updated language removes that friction specifically for national trust banks, giving them room to offer services like custody and safekeeping as a primary business — not just a side function.

In plain terms, a crypto firm holding a national trust charter can now safeguard private keys and digital assets as its main line of work, without needing to look and act like a traditional bank to justify that charter.

Who Stands to Benefit

Several major crypto names have already received conditional approvals for national trust charters, and this rule change gives those approvals a clearer legal foundation.

Ripple received conditional approval for Ripple National Trust Bank back in December 2025. The new framework positions the company to connect its XRP Ledger infrastructure directly with federally regulated banking services. Circle, the company behind USDC, received conditional approval for First National Digital Currency Bank and could now explore deeper integration between stablecoin issuance and federal payment systems.

Paxos, which has been waiting years for regulatory clarity, saw its custody-focused business model officially recognized as a valid use of a national trust charter. Crypto.com secured its conditional approval in February 2026, opening the door for federally overseen custody, staking, and trade settlement services.

Beyond those names, BitGo, Fidelity Digital Assets, and Stripe via its Bridge acquisition have also received conditional approvals. Morgan Stanley recently filed for its own dedicated crypto trust charter, signaling that traditional finance is moving into the same space.

The Pushback

Not everyone sees this as a clean win. The Bank Policy Institute and the Conference of State Banking Supervisors argue the OCC is stretching its legal authority. Their position is that many of these applicants are not running genuine trust companies and should be held to the same capital and compliance standards as full-service banks.

CSBS President Brandon Milhorn went further, warning that the OCC is stitching together different legal authorities to create what he called “Franken-charters” — a setup he suggested could eventually face legal challenges.

The Bigger Picture

The rule opens a door, but the hallway is still being built. Access to Federal Reserve payment rails, which would give these firms a real seat at the table in the broader financial system, remains an open question. Fed Governor Chris Waller is reportedly exploring a streamlined account structure for these entities, though opposition from established banks remains strong.

There is also a track record worth noting. As of early 2026, Anchorage Digital Bank is still the only crypto firm to have completed the full process from conditional approval to fully operational national bank status. Getting the green light is one thing — crossing the finish line is another.

What the OCC has done is reduce the legal ambiguity that has kept many institutional players on the sidelines. Whether that translates into real infrastructure, real adoption, and real competition with traditional finance will depend on what these firms build next.

The information provided in this article is for educational purposes only and does not constitute financial, investment, or trading advice. Coindoo.com does not endorse or recommend any specific investment strategy or cryptocurrency. Always conduct your own research and consult with a licensed financial advisor before making any investment decisions.

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