The Great Crypto Circus: 6 Banks Juggle for a Piece of the US Banking Pie! 🍰🤹‍♂️

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Ah, behold the enchanting spectacle of institutional crypto adoption! Six brave digital asset banks, like daring acrobats, await their federal charters, ready to leap into the grand arena of nationwide operations with the OCC’s oversight being as loose as a jester’s pants!

Is the OCC’s Greenlight Just Around the Corner? 6 Crypto Banks Hold Their Breath

In this thrilling performance, our six contenders have filed their applications for a national bank charter with the illustrious Office of the Comptroller of the Currency (OCC). Their hopes dangle precariously, listed as pending on the agency’s cryptic scroll of licensing. These illustrious entries, inscribed on the OCC’s table of applicants, reveal the escalating interest from crypto firms and the digital asset denizens of old-timey financial institutions, all eager to operate under the banner of federal banking. A valiant attempt to gain legitimacy, one could say!

Our latest trapeze artist to swing into action is Bitgo Bank & Trust, National Association, which submitted its application on the 14th day of July. Following close behind, Ripple National Trust Bank swung in on July 2, while the ambitious First National Digital Currency Bank, N.A.—a dream birthed from the loins of Circle Internet Group—graced the judges with its application on June 30. Other daring submissions include Erebor Bank, N.A. on June 12, Fidelity Digital Assets, N.A. on June 11, and National Digital Trust Co. on May 28—a veritable cast of characters in this unfolding drama!

Feast your eyes upon the illustrious list of national bank charter hopefuls as of July 27. Source: OCC

The OCC, it seems, has decided to loosen its grip, like a wise old grandfather who finally accepts the modern way of things. With Interpretive Letter 1183 (March 2025), the agency cast aside its stern frown, eliminating the need for national banks to seek “supervisory non-objection” for activities like custody, managing stablecoin reserves, or playing with blockchain toys. In a statement that could rattle the chains of the past, the agency declared in May: “The federal banking system is well positioned to engage in digital asset activities.” Oh, the boldness!

Additionally, the OCC has withdrawn from its previous grim warnings alongside the Federal Reserve and FDIC, which had been akin to storm clouds warning of impending doom when faced with the crypto realm. This new decree signals a softer, more welcoming environment, as if a vast garden of opportunities had suddenly bloomed, promoting innovation while dismantling barriers like crowded circus tents.

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2025-07-28 04:27