Mainstream Acceptance of Cryptocurrency
A significant move towards mainstream acceptance of cryptocurrency is underway, as six institutions are in the process of securing federal bank charters that will enable them to operate on a national scale. This initiative is taking shape under the newly relaxed oversight from the Office of the Comptroller of the Currency (OCC).
Pending Applications for National Bank Charters
These six firms, which include a mix of established financial institutions and emerging crypto-oriented companies, are currently awaiting approval for their applications for national bank charters. The OCC’s official website lists their requests as pending, a clear indication of the growing interest among firms to gain a federal banking license in order to legitimize their digital asset activities.
Among the applicants, Bitgo Bank & Trust, National Association, made its submission most recently on July 14. Prior to this, Ripple National Trust Bank applied on July 2, while Circle Internet Group’s First National Digital Currency Bank, N.A. submitted its application on June 30. Additional contenders include Erebor Bank, N.A., which applied on June 12, Fidelity Digital Assets, N.A. on June 11, and National Digital Trust Co. on May 28.
OCC’s Shift in Policy
The OCC’s shift in policy marks a significant change in its approach to the cryptocurrency sector. This transformation was articulated in Interpretive Letter 1183 issued in March 2025, which indicated that national banks no longer need to seek supervisory approval before engaging in various crypto-related activities, including custody and stablecoin management.
The agency pointed out in a recent statement that the federal banking system is ready to participate in digital asset endeavors, highlighting its intent to provide a more supportive framework for these operations.
Additionally, the OCC has stepped back from previous warnings about the inherent risks of cryptocurrency, which were emphasized in earlier joint statements alongside the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC).
Conclusion
This newfound leniency in regulation suggests a willingness to nurture innovation within the realm of digital finance, ultimately aiming to create a more balanced and consistent oversight structure for cryptocurrency activities across the banking sector.
