Crypto.com Receives Conditional OCC Approval for a National Bank Trust Charter
Washington, D.C., Feb. 23, 2026 – The Office of the Comptroller of the Currency (OCC) announced on Monday that Crypto.com has been granted conditional approval for a national bank trust charter. The conditional status is a step toward becoming a federally regulated trust company that would act as a custodian for digital‑asset products across the United States, subject to ongoing OCC supervision.
What the approval means
Crypto.com filed its charter application in October 2025, outlining plans to safeguard digital‑asset treasuries, exchange‑traded funds (ETFs), and related investment vehicles. If the OCC lifts the conditions and grants full approval, the firm will operate as a nationally chartered trust bank, a status that historically has been limited to a handful of crypto‑focused entities.
The OCC’s conditional endorsement follows a recent wave of similar approvals for five other crypto firms—Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos—signaling a broader regulatory shift toward integrating digital‑asset services within the traditional banking framework.
Statements from Crypto.com
In a press release, Crypto.com CEO and co‑founder Kris Marszalek highlighted the decision as evidence of the company’s commitment to regulatory compliance and to delivering “trusted and secure services” to its users. The firm said the conditional approval allows it to begin building the required compliance infrastructure while the OCC completes its final review.
Regulatory backdrop
The OCC’s willingness to grant such charters has drawn attention from the banking industry. Earlier this month, the American Bankers Association (ABA) submitted a comment letter urging the OCC to pause further trust‑bank charters until the federal “GENIUS Act”—legislation governing payment stablecoins—has been fully implemented. The ABA argued that any new charter should be evaluated against “robust, broadly applicable safety and soundness standards” and cautioned against using traditional banking timelines as a benchmark for crypto applications.
Legal experts note that a national trust charter would likely exempt Crypto.com from many state money‑transmission licensing requirements, offering a streamlined regulatory path for nationwide operations.
Parallel applications and political scrutiny
Crypto.com is not the only high‑profile applicant. World Liberty Financial, a firm linked to former President Donald Trump and his sons, has also sought a national bank trust charter to issue and hold its USD1 stablecoin without third‑party intermediaries. The application has attracted criticism from Senator Elizabeth Warren, who expressed doubts about the impartiality of the OCC’s review process under its current head, Jonathan Gould. Gould has reiterated that the OCC’s assessment will be “apolitical and non‑partisan.”
Coinbase, another major exchange, filed a similar request in October but publicly stated it has no intention of becoming a bank should its application be approved.
Analysis
The conditional approval indicates that the OCC is moving cautiously yet deliberately toward a regulatory model that accommodates crypto custodial services within the traditional banking system. By granting trust charters, the OCC aims to bring crypto custody under the same safety nets that protect conventional deposits, potentially reducing the regulatory arbitrage that has long characterized the industry.
However, the ABA’s pushback underscores lingering tensions between established financial institutions and emerging crypto firms. If the OCC continues to approve charters while the GENIUS Act remains incomplete, it could set a precedent that accelerates the convergence of crypto and banking—something both sides are watching closely.
The political dimension, illustrated by the World Liberty application, adds another layer of uncertainty. While the OCC maintains that its review is insulated from political influence, heightened scrutiny from lawmakers could slow the process or lead to additional compliance requirements.
Key takeaways
- Conditional OCC approval puts Crypto.com on a path to become a federally regulated national trust bank, pending final review.
- Regulatory trend: The OCC has recently conditionally approved five other crypto firms, suggesting a systematic approach to integrating digital‑asset custodians into the banking sector.
- Banking industry concerns: The American Bankers Association has called for a pause on new charters until the GENIUS Act’s framework is operational, citing safety‑and‑soundness standards.
- State licensing impact: A national charter would likely exempt Crypto.com from many state money‑transmission licensing obligations, simplifying nationwide service delivery.
- Political scrutiny: Other applications, such as World Liberty Financial’s, are facing congressional questioning, which could affect the OCC’s timeline and public perception.
- Future outlook: The final OCC decision will be a bellwether for how U.S. regulators balance innovation with prudential oversight in the rapidly evolving crypto ecosystem.
Crypto.com’s next steps will involve satisfying the OCC’s conditional requirements and demonstrating the robust risk‑management infrastructure required of a trust bank. The outcome will provide further clarity on the regulatory path for crypto custodians seeking to operate at a national scale.
Source: https://cointelegraph.com/news/occ-crypto-com-conditional-approval-national-bank-trust-charter?utm_source=rss_feed&utm_medium=feed&utm_campaign=rss_partner_inbound
