OCC’s Commitment to Digital Asset Firms
On August 11, the Office of the Comptroller of the Currency (OCC) reaffirmed its commitment to digital asset firms by stating that those engaged in permissible activities should have access to the U.S. national banking system. Comptroller Jonathan V. Gould emphasized this point while advocating for an increase in new bank formations.
Recent Developments in Banking Applications
In a recent release, the OCC shared that they have processed 40 de novo applications over the past year and a half, including submissions for national trust banks, managing to complete many within a 120-day period. Gould declared,
“America and the OCC are once again open for business,”
signaling a renewed optimism for the banking sector following the FDIC’s announcement on August 10 regarding a revised process for deposit insurance applications.
The introduction of new entrants into the banking landscape is viewed as vital for fostering competition and innovation, essential attributes for a robust financial ecosystem. Under Gould’s leadership, the OCC is revitalizing the de novo chartering process, recognizing the importance of these efforts to enhance banking diversity.
Pending Applications and Notable Candidates
Currently, the OCC has 13 pending applications from companies aiming to provide crypto or digital asset services. Notable candidates include Payward National Trust Company, World Liberty Trust Company, Revolut Bank US, EDX Trust, and others, among which Dakota National Trust Bank recently filed on July 28. Several prominent digital asset firms have progressed further in their applications; in December 2025, the OCC conditionally approved initiatives from companies such as Circle, Ripple, and Fidelity Digital Assets. Notably, Circle’s First National Digital Currency Bank received full authorization effective July 10.
Challenges and Regulatory Scrutiny
However, the journey to approval is not guaranteed. For instance, the OCC denied Wise National Trust’s application on July 21, highlighting that the regulator maintains a selective approach and is not simply granting charters to all applicants. Amid criticisms, significant banking associations have raised concerns over the scope of the OCC’s trust charters in relation to crypto firms.
The FDIC’s new review framework applies to federal deposit insurance applications submitted after August 15, initiating a phased approach aimed at granting conditional authorizations within 120 days. The second phase could extend up to a year for completion of final approvals. Although many digital asset entities seeking national trust bank charters may not pursue FDIC insurance specifically, Gould pointed out that these reforms support the OCC’s broader initiatives to encourage new bank formations. Notably, from 2011 to 2014, the OCC averaged fewer than four new charter applications annually.
Clarifications and Future Outlook
In addition to its recent rule changes, the OCC clarified its chartering authority, ensuring that existing regulations regarding fiduciary activities were updated to reflect operations of a trust company without extending its authority. Despite this progress, challenges remain from lawmakers like Senator Elizabeth Warren, who has called for clarification on the legality of certain digital asset charters under the National Bank Act. The Bank Policy Institute has also submitted critiques regarding the capital, liquidity, and operational structures of specific applications.
A national trust charter allows for a streamlined regulatory environment for dual-purpose services such as crypto custody and settlement, managed under a single federal supervisor as opposed to numerous state regulations. The OCC’s commitment to processing digital asset applications remains steadfast, with each applicant still required to meet financial, management, and regulatory standards before final approval. This intricate pathway to banking access has sparked attention towards those 13 pending applications and the response from firms already on the verge of operating under OCC oversight as the FDIC’s new two-phase process rolls into action post-August 15.
