Zerohash's OCC trust charter application was returned with deficiencies on July 17. The $1.5B crypto infrastructure firm plans to resubmit by August, but the setback breaks a string of approvals for digital asset firms.
The Office of the Comptroller of the Currency returned Zerohash's national trust bank charter application on July 17, citing material deficiencies, the company said. The Chicago-based digital asset infrastructure firm plans to resubmit as early as August 2026.
Zerohash filed its charter application with the OCC on March 4. The proposed national trust bank would cover digital asset custody, custodial staking, transfer agent functions, and stablecoin management. The firm explicitly excluded deposit-taking and lending from the proposal.
The distinction between a returned application and a formal denial matters. A denial closes the door. A return leaves it open, and Zerohash has framed the outcome as collaborative, according to the company.
Zerohash currently operates under a state-chartered trust structure, a New York BitLicense, and multiple U.S. money transmitter licenses. For a company valued at over $1.5 billion serving institutional clients including Morgan Stanley, BlackRock, and Stripe, that fragmented licensing architecture creates operational complexity that a federal charter would resolve in one move.
The OCC's decision did not emerge from a vacuum. On April 2, the Independent Community Bankers of America formally objected to the application, raising concerns about risk validation and the potential for Zerohash to expand its business model beyond traditional trust powers, the ICBA said. Regulatory skepticism does not always track with what an applicant promises at filing. It tracks with what an applicant could theoretically do once licensed, and that gap is where the ICBA planted its flag.
Zerohash's stumble comes during a period when other digital asset firms have been making progress on similar federal ambitions. The OCC has granted provisional approvals to some companies seeking digital asset-focused trust charters in recent months, making Zerohash's setback more conspicuous by contrast.
The planned resubmission in August is Zerohash's chance to address whatever the OCC flagged -- presumably tightening the application's scope, risk framework, or supporting documentation. Zerohash's existing state-level framework keeps the business running in the interim. The federal charter question remains open, and how the OCC responds to a resubmission will say as much about the regulator's evolving posture toward digital asset infrastructure as it does about any single company's application. The company declined to specify what the OCC cited as deficiencies. MS stock page
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