The OCC has conditionally approved trust bank licenses for five crypto companies.
Date: 2025-12-15 Author: Gabriel Deangelo Categories: BUSINESS
The US Office of the Comptroller of the Currency (OCC) has granted conditional approval to five cryptocurrency companies for national trust bank licenses. This decision strengthens the position of digital assets within the US financial system and demonstrates the regulator's commitment to working with innovative financial models alongside traditional institutions.
These companies include Circle, Ripple, BitGo, Paxos, and Fidelity Digital Assets. Once they meet all OCC requirements, these organizations will join the approximately 60 national trust banks already under federal supervision. The regulator emphasized that standard and rigorous procedures, similar to those used to issue any other banking license, were applied in reviewing the applications.
As part of its decision, the OCC approved the creation of two new de novo national trust banks—First National Digital Currency Bank and Ripple National Trust Bank. Ripple CEO Brad Garlinghouse described this as a significant breakthrough, especially for the RLUSD stablecoin. He stated that the combination of OCC oversight and state-level oversight through the NYDFS creates the highest possible level of compliance for such digital assets.
Garlinghouse also publicly criticized representatives of the traditional banking lobby, pointing out the inconsistency of their positions. He noted that the crypto industry has been repeatedly accused of being unregulated, but now operates under direct federal oversight, emphasizing transparency, trust, and innovation.
In addition to the new banks, the OCC approved the conversion of BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company from state-regulated trust companies to national trust banks. This expands their capabilities and strengthens federal oversight of their activities.
U.S. Comptroller of the Currency Jonathan W. Gould stated that the emergence of new players in the banking sector has a positive impact on the market. He believes that such players foster competition, expand access to financial products, and support the evolution of the banking system in a changing economy.
This decision logically fits into the broader OCC policy. In the spring of 2025, the regulator authorized U.S. banks to conduct cryptocurrency transactions on behalf of clients and outsource these functions, subject to strict risk management. That summer, Circle applied to establish the First National Digital Currency Bank to manage USDC reserves, and shortly thereafter, Ripple also initiated the process of obtaining a federal license.
Despite resistance from banking associations calling for a suspension of crypto company licenses, the OCC continued with its chosen strategy. In the fall of 2025, Coinbase filed a similar application, and in December, the regulator officially recognized cryptocurrency transactions as a permissible banking activity, subject to hedging and risk control requirements.
