Coinbase announced it has received conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter. The step is a regulatory milestone that could expand its custody and fiduciary services once conditions are met.
Ripple is closer to becoming a national trust bank after the OCC’s final rule on national trust bank activities goes into effect April 1. The move could expand custody and payment services for XRP and signal wider regulatory clarity for the crypto industry.
Several major U.S. banks are weighing legal action against the Office of the Comptroller of the Currency after it approved national trust charters for crypto firms, arguing the agency overstepped its authority. Banks say the move lets tech-driven companies secure bank status without being held to the same standards as traditional banks.
Sen. Elizabeth Warren called WLFI’s charter bid “the most disgraceful” corruption scandal, prompting a swift defense of the OCC’s procedures by the agency’s chief. The exchange highlights rising political friction over crypto bank approvals.
The OCC has broadened services allowed under a national trust charter, a move that could give Ripple and other crypto firms greater access to U.S. banking rails. The change may ease custody, payment, and on‑ramp operations for companies pursuing trust bank status.
Sen. Elizabeth Warren called WLFI’s charter application the “most disgraceful” corruption scandal, prompting a forceful defense of the Office of the Comptroller of the Currency chief who said the agency followed its procedures. The exchange highlights rising political scrutiny of crypto bank approvals.
Crypto dominated attention at the Senate Banking Committee hearing, focusing scrutiny on bank regulators and a recent OCC policy initiative. Lawmakers pressed officials on how banks should manage crypto-related risks and compliance.
The Office of the Comptroller of the Currency released the GENIUS Act framework explaining how banks, nonbank financial institutions, and foreign issuers could issue and operate stablecoins under U.S. banking oversight. The proposal aims to provide clearer supervisory paths for compliant stablecoin issuance.
New OCC approvals and guidance allow banks to offer crypto custody services and engage in riskless principal trading, giving regulated institutions clearer paths to enter crypto markets. The move aims to boost institutional access while keeping banks under federal oversight.
Fold has secured nationwide U.S. consumer access to bitcoin under a single federally supervised trust structure, enabled by a partnership that leverages BitGo Bank & Trust’s new OCC charter. The move streamlines oversight and could simplify compliance across states.