OCC Approves Trust Charters for Five Crypto Firms

On December 12, 2025, the Office of the Comptroller of the Currency (“OCC”) gave conditional approval to national trust charter applications for 5 cryptocurrency firms – Bitgo Bank & Trust, Fidelity Digital Assets, Ripple National Trust Bank, First National Digital Currency Bank, and Paxos Trust Company.

While a national trust charter does not allow these companies to take deposits or lend money, if finalized, it would give them the ability to hold and manage customer assets. It also marks an important step toward federal regulation of cryptocurrency and stablecoin issuance in particular, which has been a key policy goal of President Trump’s administration.

In granting its conditional approval, the OCC noted that it used the same rigorous review and standards it applies to all its charter applications. Two the approvals represent de novo national trust bank charters – First National Digital Currency Bank and Ripple National Trust Bank. The other three approvals were conversions from state trust companies to national trust banks.

Notably, most state money transmission regulations exclude chartered trust companies, including national trust charters, meaning, once final approval is given, the nationally chartered companies would likely be exempt from most state licensing requirements.

You can find the OCC press release on the conditional approval here – https://www.occ.gov/news-issuances/news-releases/2025/nr-occ-2025-125.html.