A wave of institutional crypto adoption is accelerating as six digital asset banks await federal charters, poised to unlock nationwide operations under dramatically loosened OCC oversight.
Federal Greenlight Incoming? 6 Crypto Banks Await OCC Approval
Six firms seeking to offer digital asset services have submitted applications for a national bank charter to the Office of the Comptroller of the Currency (OCC), with their filings currently listed as pending licensing applications on the agency’s website. These entries, shown in an OCC-maintained table, underscore the rising interest among crypto-related firms and digital asset divisions of established financial companies to operate under a federal banking license. The filings reflect an effort by the industry to align with national regulatory structures as digital asset services seek broader legitimacy.
Bitgo Bank & Trust, National Association submitted the most recent application on July 14. Ripple National Trust Bank filed on July 2, and First National Digital Currency Bank, N.A.—a proposed national trust bank that Circle Internet Group is seeking to establish—applied on June 30. Other submissions include Erebor Bank, N.A. on June 12, Fidelity Digital Assets, N.A. on June 11, and National Digital Trust Co. on May 28.
The OCC has significantly softened its crypto stance, notably through Interpretive Letter 1183 (March 2025). This key guidance eliminated the need for national banks to seek “supervisory non-objection” for permissible crypto activities like custody, managing stablecoin reserves, or operating blockchain nodes. The agency stated in May: “The federal banking system is well positioned to engage in digital asset activities.”
Furthermore, the OCC withdrew from prior joint statements with the Federal Reserve and Federal Deposit Insurance Corporation (FDIC) that had previously highlighted crypto risks and cautioned against public blockchain engagement. This shift signals a more accommodating, less restrictive regulatory environment, aiming to foster responsible innovation within the federal banking system by reducing previous hurdles and promoting consistent oversight.
Source: Bitcoin
