Crypto.com has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national bank trust charter, a major step toward becoming a federally regulated crypto custodian in the United States.
The approval, announced Monday, allows Crypto.com to move closer to operating as a national trust bank under OCC supervision. Once final approval is granted, the company will be authorized to provide digital asset custody services nationwide, targeting institutional clients, corporate treasuries, and exchange-traded funds (ETFs).
Crypto.com submitted its charter application in October, outlining plans to expand its custody infrastructure and strengthen compliance standards. CEO and co-founder Kris Marszalek said the conditional approval reinforces the company’s commitment to regulatory alignment and secure customer services.
For the broader crypto industry, this development signals continued engagement between federal banking regulators and digital asset firms seeking integration into the traditional financial system.
OCC’s Expanding Crypto Charter Approvals Draw Industry Attention
Crypto.com is not alone. In recent months, the OCC has granted conditional approvals to several prominent crypto and blockchain firms, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. These approvals suggest a more structured pathway for crypto companies seeking national banking status.
At the same time, other firms are still awaiting decisions. Coinbase, which applied for a similar charter in October, has stated it does not intend to operate as a traditional bank even if its application is approved.
The wave of approvals has prompted pushback from traditional banking groups. The American Bankers Association recently urged the OCC to pause new trust charter approvals tied to digital asset firms. In a formal comment letter, the association argued that regulators should first ensure full implementation of the stablecoin regulatory framework established under the GENIUS Act, signed into law in July. The group emphasized the need for consistent safety, soundness, and risk management standards before additional charters are finalized.
National trust charters can provide meaningful regulatory advantages. Because many state money transmission laws exempt federally chartered trust companies, companies approved by the OCC may bypass certain state-level licensing requirements, simplifying nationwide operations.
Meanwhile, World Liberty Financial has also applied for a national bank trust charter. The firm, associated with U.S. President Donald Trump and his sons, aims to issue and custody its USD1 stablecoin directly if approved.
The application has drawn scrutiny from Senator Elizabeth Warren, who questioned whether the review process would remain impartial. OCC head Jonathan Gould has responded that the evaluation will follow a nonpartisan and apolitical review process.
