Ripple, Circle Lead Crypto Push as OCC Opens Path to National Trust Bank Charters

TLDR

• OCC says firms conducting legal digital asset activities can pursue national bank charters.
• Ripple received conditional approval to establish Ripple National Trust Bank.
• Circle received conditional approval to establish First National Digital Currency Bank.
• The OCC received 40 de novo applications during the past 18 months.
• National trust charters do not automatically permit retail deposits or general commercial lending.

The U.S. Office of the Comptroller of the Currency has reaffirmed that companies involved in Bitcoin, digital assets and other legally permitted technologies can pursue federal bank charters. The regulator said its chartering process remains open to new entrants as part of a broader effort to increase competition in the U.S. banking system.

Comptroller of the Currency Jonathan V. Gould said companies conducting lawful digital asset activities “should have a path to becoming a national bank.” Crypto firms including Ripple and Circle have already received conditional approval for national trust bank charters, while several other digital asset companies have submitted applications.

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