Crypto Firms Push for US Bank Charters as OCC Eases Its Stance

More digital asset companies are trying to get a foot in the traditional banking world. Six of them have submitted applications for a national charter, aiming to secure a federal license that could bring more structure—and legitimacy—to their operations.

Good to Know

• Ripple, Circle, and Fidelity are among the applicants looking to launch federally chartered crypto banks.
• The OCC’s latest guidance makes it easier for banks to engage in digital asset services without extra approvals.
• A softened regulatory tone hints at broader support for crypto inside the traditional banking framework.

The race to secure a national bank charter is heating up. Six companies have now filed applications with the Office of the Comptroller of the Currency (OCC), each hoping to operate under a federal license. The OCC lists all six as pending on its public licensing table.

The most recent filing came from Bitgo Bank & Trust, National Association, which submitted its application on July 14. Ripple National Trust Bank filed earlier in the month, on July 2. Just days before that, First National Digital Currency Bank, N.A.—Circle’s proposed trust bank—put in its paperwork on June 30.

Earlier entries include Erebor Bank, N.A. (June 12), Fidelity Digital Assets, N.A. (June 11), and National Digital Trust Co. (May 28). Together, these names represent a mix of long-standing financial players and crypto-native firms, all looking to bring digital assets under a federal regulatory umbrella.

This growing interest isn’t happening in a vacuum. In March, the OCC issued Interpretive Letter 1183, which clarified that national banks no longer need to get a “supervisory non-objection” before launching crypto-related services like custody or running blockchain nodes. The move lifted a key regulatory burden, opening the door to broader crypto engagement.

In May, the OCC went a step further. It walked back earlier joint statements with the Fed and FDIC that had warned against public blockchain exposure. The updated messaging stressed that national banks are “well positioned” to handle digital asset activities responsibly.

That shift has triggered a wave of charter interest from the crypto sector, which until recently operated mostly outside the formal banking structure. With clearer guidance now in place, more companies are choosing to work within the system rather than around it.

While the OCC hasn’t approved any of these new filings yet, the trend is clear: crypto firms are looking to blend compliance with innovation, and the federal system appears more open to that conversation than ever before.