article 🏦 Crypto.com Pursues Federal Banking Charter: A New Era for Digital Asset Regulation? 📜

The cryptocurrency sector continues its march toward mainstream financial integration as major platform

Please Register !

Strategic Expansion Through Federal Regulation

In their official announcement,

"Since our inception, developing

Please Register !

The Federal Charter Landscape

After securing their license in 2021, Anchorage encountered compliance complications that resulted in a temporary cease-and-desist directive in 2022, which regulatory authorities ultimately rescinded in August of this year.

Please Register !

The Strategic Value of Federal Banking Charters

The OCC, functioning as an autonomous bureau within the U.S. Treasury Department, holds exclusive authority to grant national banking charters. These licenses enable institutions to conduct banking and fiduciary operations across all fifty states under a unified regulatory framework.

For digital asset enterprises, federal charters represent a pathway to enhanced legitimacy, providing access to Federal Reserve payment systems including Fedwire while eliminating the complexity of navigating individual state regulatory requirements.

Unlike conventional banking licenses, National Trust Bank Charters authorize fiduciary activities such as asset custody and investment management while prohibiting standard banking functions like accepting demand deposits or issuing general-purpose loans. This structural distinction exempts charter holders from Bank Holding Company Act provisions and Federal Reserve supervision while maintaining OCC regulatory oversight.

Please Register !

Regulatory Climate Shift

The increasing number of cryptocurrency firms pursuing federal charters coincides with evolving leadership perspectives at the OCC. Under the direction of Comptroller Jonathan Gould—a former blockchain executive confirmed earlier this year—the agency has issued updated guidance permitting national banks to purchase, sell, and custody digital assets for clients, provided they implement rigorous security and risk management protocols.

Recent regulatory developments include conditional approval granted to Erebor Bank, a digitally-native institution supported by prominent technology investors, suggesting regulators' renewed willingness to evaluate responsible cryptocurrency banking frameworks.

Gould has publicly stated that the OCC "does not establish universal prohibitions" against banks engaging in digital asset activities—a notable departure from the regulator's previously cautious stance following the 2023 collapse of several cryptocurrency-friendly banking institutions.

This week, the Comptroller additionally dismissed concerns regarding stablecoins potentially triggering banking crises, characterizing the risk of massive deposit withdrawals as "exaggerated."

Please Register !

Regulatory Hurdles and Industry Opposition

Despite these developments, the path to federal charter approval remains challenging. The OCC has received more than sixteen applications from fintech and cryptocurrency enterprises seeking national trust status, with only one successful approval to date.

Numerous applications have encountered delays amid vigorous lobbying from conventional banking organizations, which contend that cryptocurrency companies have yet to satisfy the fiduciary standards expected of national trust banks.

In July, the American Bankers Association collaborated with other banking and credit union associations to submit a formal letter urging the OCC to suspend cryptocurrency-related charter approvals. The coalition expressed concerns regarding limited transparency in applications from firms including Ripple and Circle, noting that many cryptocurrency businesses primarily focus on custody and staking services rather than traditional fiduciary responsibilities like estate or trust administration.

The correspondence cautioned that approving such applications would constitute "a fundamental deviation" from the OCC's established chartering framework and potentially undermine the protective measures supporting the U.S. banking system.

Regulatory prudence also stems from broader considerations regarding anti-money laundering compliance and risk transparency. The OCC maintains that applicants must demonstrate sophisticated governance structures, adequate capitalization, and comprehensive internal controls before receiving approval.

While the agency has demonstrated increased openness under Gould's leadership, approval processes remain deliberately measured as regulators develop new supervisory models tailored to digital asset institutions.