OCC opens door for crypto bank charters; 13 applications pending. FDIC reform targets 120-day review. 'America is open for business.'
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The Office of the Comptroller of the Currency told digital asset companies on Aug. 11 that they have a path into the U.S. national banking system, provided they conduct legally permissible activities. Comptroller Jonathan V. Gould said the regulator received 40 de novo applications over 18 months, including national trust bank applications, and has decided many within 120 days.
"America and the OCC are once again open for business," Gould said in the release.
The statement followed the FDIC's Aug. 10 announcement of a new review system for deposit insurance applications. The FDIC process applies to applications received after Aug. 15. Phase one aims for contingent authorization within 120 days. Phase two can take up to 12 months while organizers meet remaining requirements.
Thirteen Applications in the Pipeline
The OCC's current digital asset licensing list shows 13 pending applications from entities planning crypto or digital asset products. They include Payward National Trust Company, World Liberty Trust Company, Revolut Bank US, PAYO Digital Bank, EDX Trust, Agora National Trust Bank and Dakota National Trust Bank. Dakota's July 28 filing is the newest.
Several large crypto companies are further along. The OCC conditionally approved applications involving Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos in December 2025. Coinbase received preliminary conditional approval in April. Circle's First National Digital Currency Bank became effective July 10.
Not every application succeeds. Wise National Trust's application was denied on July 21, according to OCC records. The decision shows the regulator does not automatically grant charters to every entrant.
The OCC also adopted a chartering rule effective April 1 that replaced references to "fiduciary activities" with "operations of a trust company and activities related thereto." The OCC said the change neither expands nor contracts its chartering authority.
The push has drawn resistance. Sen. Elizabeth Warren has questioned whether some crypto trust charters exceed the National Bank Act's limits. She has pressed Gould to explain the legal basis used to approve digital asset applicants. The Bank Policy Institute challenged Payward's application in June, asking the OCC to examine capital and liquidity support, affiliate transactions, resolution planning and whether proposed activities fall within national trust bank powers.
A national trust charter lets a crypto firm place custody and settlement services under one federal supervisor instead of a patchwork of state regimes. The precise activities available depend on the charter terms, regulatory conditions and other applicable laws.
Gould's latest statement signals the OCC intends to keep accepting applications from digital asset businesses rather than impose a blanket exclusion. Applicants must still satisfy regulatory, financial, management and supervisory requirements before final authorization. Conditional approval alone does not permit a proposed bank to begin business.
The FDIC reform primarily matters to new institutions seeking insured deposits. Many digital asset companies pursuing national trust bank charters follow a different structure and do not seek FDIC insured deposits. Gould nevertheless said the FDIC reform supports the OCC's broader effort to reverse the decline in new bank formation.
How quickly more crypto companies gain a federal banking foothold will depend on further OCC decisions and any legal challenges from industry groups.
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