OCC Approves Five Crypto Trust Banks as ‘Debanking’ Claims Face Scrutiny

The OCC today conditionally approved five digital asset-oriented companies for national trust bank charters, signaling a measured but tangible expansion of crypto firms into the federal banking system.

The decision challenges claims from parts of the banking industry that crypto cannot comply with regulatory standards. However, it also complicates the sector’s own narrative of a coordinated effort to cut it off from financial services.

Alongside Ripple National Trust Bank, the Office of the Comptroller of the Currency (OCC) conditionally approved four additional digital asset-focused institutions, signaling a broader regulatory move rather than an isolated exception.

In addition to Ripple, the OCC approved a de novo trust bank application for First National Digital Currency Bank and authorized Circle, BitGo, Fidelity Digital Assets, and Paxos to convert from state charters.