Could Crypto Firms Finally Get a U.S. Banking Path?

OCC Opens the Door to Crypto Firms

The U.S. Office of the Comptroller of the Currency (OCC) is signalling a major shift in how digital asset firms can access the federal banking system. Comptroller Jonathan Gould has made clear that crypto companies engaged in legally permissible activities should have a direct route to becoming nationally chartered banks.

In a recent statement, Gould said that "entities that engage in legally permissible activities, including those involving digital assets and other novel technologies, should have a path to becoming a national bank," adding that "America and the OCC are once again open for business." The remarks reflect a marked departure from the posture federal regulators held for much of the previous decade, when new charter applicants, particularly those in digital finance, were effectively discouraged from applying.

A Pipeline of Applications Builds Up

The OCC reports that it has received 40 de novo applications over the past 18 months, including proposals for national trust banks, a structure the OCC has used for decades. In many cases, the agency has been turning around decisions within 120 days of receiving a complete application, a pace that signals genuine institutional commitment to processing the new wave of interest.

The momentum is already producing concrete results. In December 2025, the OCC conditionally approved five digital asset firms for national trust bank charters, including Circle, Ripple, Paxos, BitGo, and Fidelity Digital Assets. Two of those, Circle's First National Digital Currency Bank and Ripple National Trust Bank, were approved as entirely new de novo entities, while the remaining three involved conversions from existing state trust charters.

The pipeline has only grown since. After the passage of the GENIUS Act for stablecoin regulation in July 2025, digital asset firms began filing for trust charter applications in much larger numbers. Nomura's digital asset spinoff Laser Digital has also applied for an OCC national trust bank charter, planning to offer custody of digital assets, spot trading, and staking services. One practical draw for applicants: a federal charter eliminates the need to obtain custody licences on a state-by-state basis.

The OCC's actions represent a broader regulatory recalibration. During 2025 alone, the agency received 14 de novo charter applications, a number nearly equal to the total received in the previous four years combined. That appetite has carried into 2026, with the application count continuing to climb.

Sources
OCC: Comptroller Gould on De Novo Chartering and Digital Assets (OCC.gov)
Nomura's Laser Digital Applies for OCC Charter (Banking Dive)
OCC Conditionally Approves Circle, Ripple, Paxos for National Trust Bank Charters (Banking Dive)