Crypto.com Secures Conditional Approval for National Trust Bank Charter
Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a federally regulated national trust bank, named Foris Dax National Trust Bank. With full approval, Crypto.com would be able to offer services including digital asset custody, staking of custodied assets, and trade settlement under federal oversight. This approval aligns Crypto.com with other firms like Circle, Ripple, Paxos, and Bridge, which have also received OCC conditional approvals. The increase in applications comes after recent regulatory changes, such as the OCC’s decision permitting banks to hold crypto assets and the enactment of the GENIUS Act, which regulates stablecoins. Meanwhile, industry groups like the American Bankers Association are urging the OCC to scrutinize crypto bank applications more rigorously, citing concerns about safety, transparency, and national security. These issues have fueled tensions between traditional banks and crypto firms, especially as the stablecoin market surpasses $300 billion in circulation, highlighting the growing role of crypto in mainstream finance.
