Ripple, Circle and Other Crypto Firms Win Initial Approval to Form National Trust Banks

The U.S. Office of the Comptroller of the Currency (OCC) has given several major crypto companies their first step toward gaining federal trust bank status — a move that would give them a clearer legal footing and the ability to operate nationally under one charter.

On Friday, the OCC issued conditional approvals for Ripple and Circle to create new national trust banks. The agency also approved applications from BitGo, Paxos, and Fidelity to convert their existing state trust banks into national ones. These preliminary approvals do not allow the firms to open immediately; each applicant must meet additional requirements before receiving a full charter.

This is the first time multiple digital-asset companies have advanced this far through the federal banking approval process at the same time.

What These Charters Allow — and What They Don’t

A national trust bank charter would let these crypto firms:

• Hold and manage customer assets, including digital tokens

• Process payments and settlements on a nationwide basis

• Operate under a single federal regulator rather than juggling dozens of state rules

But these charters do not authorize the firms to:

• Accept deposits like a traditional bank

• Issue loans

• Offer full retail banking services

The OCC currently supervises 60 national trust banks. Only one crypto firm — Anchorage Digital — holds a full national trust bank charter today.

OCC Comptroller Jonathan Gould said the additions would expand customer options and bring more activity under federal oversight.

Traditional Banks Objected Strongly

Several major banking associations urged the OCC to deny the applications. Their arguments centered on two points:

1. Regulatory burden: Banks say they must meet much tougher requirements to receive national charters, and allowing crypto firms easier access would create an uneven playing field.

2. Risk exposure: Banks warned that digital-asset companies carry higher operational and market risks, which could spill into the broader financial system if not supervised carefully.

Despite these objections, the OCC moved the applications forward, saying the firms must still meet strict standards before receiving full authorization.

Why Crypto Firms Want National Charters

For years, companies like Ripple, Circle, and Paxos have operated under a patchwork of state money-transmitter laws and limited-purpose trust charters. A national trust bank license would give them:

• A single regulatory home

• The ability to serve customers in every state without additional licensing

• Direct supervision by a federal banking regulator

• A clearer path to offering custody and payment services to large institutions

For firms that already work with stablecoins, institutional clients, or cross-border payment networks, a national trust bank charter removes major operational barriers.

Ripple and Circle in particular stand to gain broader access to the U.S. financial system, as both companies run large-scale payment and asset-management businesses tied to digital tokens.

Trump’s Recent Statements on Crypto Rules

The timing of the OCC’s preliminary approvals comes as President Donald Trump has spoken publicly about changing federal rules for digital assets. During recent events, Trump said he wants clearer federal oversight for crypto firms and has highlighted the industry while campaigning.

The OCC’s approvals are not final, but they show that federal regulators are reviewing how crypto companies can operate under national banking laws. The charters will only take effect after each firm meets the remaining requirements set by the agency.

Also Read: Crypto.com Files U.S. OCC Charter to Operate as National Trust Bank