Crypto.com Moves Forward with OCC Conditional Approval for National Trust Bank Charter

Crypto.com, a leading cryptocurrency exchange and ecosystem provider, has achieved a significant regulatory milestone with the Office of the Comptroller of the Currency (OCC) granting conditional approval for its proposed national trust bank charter. This move marks a decisive step in the exchange’s federal ambitions, as it seeks to establish fully regulated custodial services for digital assets under the direct oversight of federal regulators. The development signals accelerating momentum within the United States toward a more robust and standardized framework for digital asset custody and settlement at the national level, setting the stage for broader institutional participation and enhanced consumer protection.

Crypto.com’s Expansion into Federal Crypto Custody

Crypto.com’s journey toward becoming a national trust bank is anchored in its application to the OCC, which proposes the creation of the Foris Dax National Trust Bank. If given final approval, this entity will operate as a federally supervised institution offering key financial services, including custodial solutions, staking, and settlement across supported blockchain networks. This federal charter, still conditional as of the latest update, is one of the most notable attempts by a major crypto exchange to transition its operations from a patchwork of state licenses to an integrated, national regulatory regime.

The trust bank proposal was first submitted by Crypto.com in October 2025. Since then, it has undergone a comprehensive review process that extended into 2026, reflecting the increasing scrutiny regulators place on entrants to the digital asset market. As part of its application, Crypto.com has strengthened its compliance programs in anticipation of the more stringent reporting, risk management, and oversight required by federal supervision. These efforts are crucial as the company moves closer to joining a small but growing group of digital asset custodians regulated at the national level.

Despite this shift toward federal compliance, Crypto.com has emphasized that its current New Hampshire-regulated trust entity will continue its operations without disruption. This dual approach allows the company to maintain continuity for its existing clients while preparing for broader service offerings that come with federal oversight.

Context: OCC’s Growing Influence in Crypto Regulation

The conditional approval for Crypto.com is part of a larger trend in which the OCC is taking a more active role in shaping the future of digital asset custody and banking services within the United States. In recent months, the OCC has granted similar preliminary approvals to other industry players, including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Collectively, these decisions underscore the OCC’s commitment to fostering innovation and responsible growth in the burgeoning digital asset sector.

For crypto firms, a federal trust charter offers several distinct advantages. Chief among them is the exemption from navigating a complex and costly web of state-level money transmitter licenses. Instead, a national charter allows firms to operate more seamlessly across state lines, streamlining operations and reducing administrative overhead. Legal analysts note that these exemptions, when coupled with federal oversight, position trust-chartered firms at the forefront of the industry’s maturation process.

However, this direction has not gone unchallenged. Traditional banking interests, represented by groups such as the American Bankers Association (ABA), have called on the OCC to extend review timelines and bolster due diligence measures. The rollout of the federal stablecoin framework under the GENIUS Act, in particular, has heightened concerns about ensuring robust safety and soundness standards for all applicants, both traditional and digital-native. This tension illustrates the delicate balancing act regulators face as they seek to foster innovation while safeguarding financial stability and consumer interests.

Wider Regulatory and Political Landscape

The fervor surrounding Crypto.com’s application is emblematic of the broader regulatory and political dynamics shaping the US digital asset marketplace. As federal agencies like the OCC accelerate their review of crypto-related charter applications, other firms are also vying for a place in the newly emerging institutional landscape. Among these, World Liberty Financial is actively seeking OCC authority to issue and custody its USD1 stablecoin, a bid that has fueled political debate over the impartiality and rigor of the OCC’s evaluation process.

At the legislative level, the drive toward national standards for digital asset oversight has found momentum in the implementation of the GENIUS Act, which sets the stage for the federal regulation of stablecoins and outlines baseline requirements for safety, soundness, and consumer protection. As the act’s provisions begin to take effect, advocacy groups and market participants alike are urging regulators to ensure that all applicants—whether banks, fintech firms, or crypto-native companies—are held to consistent and transparent standards.

Amid this back-and-forth, the importance of a coherent and unified regulatory approach has become a central topic in policy circles. As national charters become more accessible to digital asset firms, their strategic relevance grows, positioning these entities as key nodes in the evolving financial infrastructure of the United States.

Implications for the US Digital Asset Framework

The conditional charter for Crypto.com’s planned trust bank provides a clear signal that US regulators are committed to integrating digital assets into the mainstream financial system under a set of robust, uniform guidelines. The OCC’s willingness to grant conditional approvals—usually subject to ongoing monitoring, reporting requirements, and progress benchmarks—demonstrates a pragmatic approach that balances risk mitigation with support for industry innovation.

This pivotal shift is expected to have several broad impacts:

• Institutional Adoption: With federally regulated custodians now a reality, more institutional investors are likely to enter the digital asset market, reassured by clear rules and federal oversight.
• Market Confidence: National standards for custody, staking, and settlement will increase transparency and consumer protection, fostering greater market confidence.
• Operational Efficiency: Crypto firms operating under a single federal charter will streamline their cross-state activities, reducing complexity and compliance costs.
• Regulatory Precedents: The OCC’s actions may encourage other US regulatory agencies to adopt similar frameworks, leading to further harmonization across the country.
• Heightened Competition: As traditional banks and digital asset firms compete under comparable regulatory structures, consumers may benefit from more innovative and affordable services.

Crypto.com’s Next Steps and Industry Outlook

With conditional approval in hand, Crypto.com must now satisfy a range of outstanding requirements before full authorization is granted. These typically include demonstrating the effectiveness of enhanced compliance systems, finalizing operational protocols, and passing ongoing OCC inspections. The firm’s ability to successfully transition to a fully chartered national trust bank will be closely watched not only by industry insiders, but also by policymakers, competitors, and potential institutional clients.

Looking ahead, the pace of digital asset adoption in the US will likely accelerate as more companies receive federal charters and as the OCC continues to refine its regulatory toolkit. The digital asset landscape is poised for further transformation, with the boundaries between traditional finance and crypto gradually dissolving in favor of innovative, regulated, and more accessible financial products.

For Crypto.com, and for the wider digital asset community, the OCC’s conditional approval is both a validation of past efforts and an invitation to shape the next chapter of financial services in America. As the regulatory infrastructure for digital assets takes clearer shape, the industry stands positioned for sustainable growth, increased legitimacy, and unprecedented opportunities in the years ahead.