OCC Comptroller Gould says crypto firms engaged in legal activities should have a path to a national bank charter, with 40 applications filed in 18 months. The agency is reviving de novo bank formation after a decade of stagnation.
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The Office of the Comptroller of the Currency (OCC) has taken one of its most direct steps yet to bring digital asset companies into the federally regulated banking system. Jonathan Gould, the agency’s acting comptroller, said firms involved in legally permissible crypto activities should have a path to obtaining a national bank charter.
The statement comes as new bank formation – known as de novo chartering – picks up after more than a decade of dormancy. The OCC received 40 charter applications over the past 18 months, a sharp jump from the handful it typically saw each year since the 2008 financial crisis. Regulators now process complete applications in roughly 120 days, Gould said.
“For more than a decade, regulators signaled that those seeking a federal bank charter and federal deposit insurance need not apply,” Gould said in prepared remarks. “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.”
Most crypto companies today still rely on a patchwork of state money transmitter licenses, trust charters and banking partnerships. A large exchange or custody provider may hold approvals in dozens of states, each with its own supervisory rules, reporting requirements and licensing costs. That structure creates operational complexity and limits direct access to payment rails, custody services and fiat settlement.
A national charter would simplify that model by placing qualifying firms under a single federal prudential regulator. It would also strengthen credibility with institutional clients that prefer federally supervised counterparties over lightly regulated fintech platforms.
The OCC’s endorsement does not amount to an open invitation. Receiving a national bank charter remains one of the highest regulatory hurdles in the industry. Applicants must demonstrate adequate capital, governance, anti‑money laundering controls, cybersecurity capabilities and long‑term financial viability. Those seeking to accept insured deposits face additional review from the Federal Deposit Insurance Corporation.
Those requirements explain why relatively few crypto firms have pursued federal charters despite years of discussion around digital‑asset banking. If charter approvals accelerate, the earliest beneficiaries are unlikely to be retail trading platforms. Instead, firms focused on institutional custody, stablecoin infrastructure, tokenized assets and digital securities are better positioned, since their operations already resemble traditional banking services.
The OCC’s latest position reflects a broader shift in Washington’s regulatory approach. Rather than creating a separate banking system for digital assets, regulators increasingly appear focused on bringing compliant crypto businesses inside the existing federal framework. The next real indicator will not be another policy statement. It will be whether crypto‑focused applicants actually receive charter approvals and transition from fintechs operating alongside banks into federally supervised banking institutions.
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