OCC Greenlights Crypto Banks

[lingriiddd]

Big news for digital assets in the US: The OCC conditionally approved five national trust bank charters for crypto companies: BitGo, Fidelity Digital Assets, Paxos, Circle, and Ripple.

BitGo, Fidelity, and Paxos are converting state-level trust companies

Circle and Ripple are new charter applicants

All five plan to provide digital asset custody services

Comptroller Jonathan Gould: “New entrants into the federal banking sector are good for consumers, the banking industry and the economy.”

The takeaway: federal charters could streamline compliance and expand institutional crypto services nationwide.

[Abdul Khan]

Crypto banks gaining approval marks progress toward mainstream adoption.