In a regulatory milestone for the digital asset sector, the U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved national trust bank charter applications for five cryptocurrency-focused companies, marking a significant step toward deeper integration of digital assets into the federal banking system.
In its Dec. 12 announcement, the OCC granted preliminary approval for First National Digital Currency Bank and Ripple National Trust Bank to be established as de novo national trust banks. It also conditionally approved the conversion of existing state trust companies, BitGo Bank & Trust, National Association, Fidelity Digital Assets, National Association, and Paxos Trust Company, National Association, to national trust bank charters.
Expanded Federal Oversight Without Full Banking Powers
The national trust bank charters signal that regulators are willing to extend federal supervision to digital asset firms while maintaining traditional banking boundaries. The charters will allow these entities to offer fiduciary and custody services nationwide under OCC supervision, but they do not permit taking cash deposits or issuing loans, a key distinction from full commercial banking functions.
Currently, Anchorage Digital Bank remains the only digital asset firm with an active national trust charter, having received federal approval in 2021. The addition of these five companies would bring the number of OCC-supervised national trust banks to more than 60, expanding the regulated institutional infrastructure for digital assets across the United States.
Conditional Nature and Next Steps
The OCC’s approvals are conditional, meaning each firm must satisfy a series of requirements, including capital, governance, and risk-management benchmarks, before full charter activation. Only once these conditions are met can they begin offering regulated trust banking services under federal oversight.
Comptroller of the Currency Jonathan V. Gould has emphasized that new entrants can “provide access to new products, services and sources of credit” and contribute to a competitive and diverse banking system, while remaining subject to the same supervisory standards as other national trust banks.
Regulatory Debate and Industry Response
The OCC’s decision follows a surge in charter applications in 2025, reflecting heightened interest among digital asset firms to operate under federal supervision. While the move has been welcomed by many in the cryptocurrency industry as a step toward regulatory certainty, it has also drawn scrutiny from traditional banking groups. Some industry associations have publicly expressed concerns that expanding the definition of national trust charters to include crypto firms could blur the lines between regulated federal banking activities and unregulated financial services, potentially raising systemic risk considerations.
Despite these debates, proponents argue that a regulated framework with supervisory oversight will improve market integrity and provide institutions with clearer pathways for custody, settlement, and related digital asset services. Observers note that these developments align with broader federal efforts to clarify the role of digital assets in the financial system, including recent guidance that permits national banks to act as intermediaries in cryptocurrency transactions.
Implications for Digital Asset Infrastructure
If finalized, the new national trust bank charters could strengthen the infrastructure supporting digital asset custody, institutional settlement, and tokenized product operations. National trust banks are subject to rigorous prudential standards and continuous supervision, which can support institutional confidence in the stability and governance of digital asset services.
These developments also come in the context of broader policy shifts, including the recent passage of the GENIUS Act, which created a federal regulatory framework for stablecoins, and ongoing legislative negotiations over comprehensive crypto market structure legislation in Congress. Together, these efforts reflect growing recognition of digital assets within federally regulated financial markets.
Looking Ahead
Final approvals for the national trust charters are expected over the coming months as regulators evaluate each applicant’s readiness to operate under federal standards. Other firms, including major exchanges and crypto service providers, reportedly have trust charter applications pending with the OCC, signaling continued interest in institutionalizing regulated digital asset services.
For continued analysis of regulatory developments shaping digital asset infrastructure and compliance standards, Kenson Investments delivers research and educational and innovative digital asset consulting solutions to support organizations as they navigate the evolving intersection of blockchain technology and traditional finance. Connect with our digital asset consultants today.
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