US regulator OCC opens national bank charters to crypto firms

The U.S. Office of the Comptroller of the Currency (OCC) is working to provide a clearer pathway for cryptocurrency firms to obtain national bank charters. This regulatory shift aims to allow digital asset companies to apply for charters that enable them to manage and custody assets under federal oversight, though these charters do not currently permit retail deposits or primary lending activities.

While no new licenses were announced in the most recent update, several companies—including Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos—previously received conditional approval. Each application is assessed individually.

Simultaneously, the OCC is facing pushback from banking associations regarding proposed stablecoin reporting requirements. Industry groups, such as the Bank Policy Institute and the American Bankers Association, have expressed concerns that the proposed weekly and quarterly reporting mandates—which include granular details on reserve assets like Treasury CUSIP numbers—could impose a “substantial burden” on issuers.