OCC grants Crypto.com conditional approval for bank trust charter

Crypto.com just scored a major regulatory W — the OCC gave them conditional approval for a national bank trust charter. Once fully greenlit, they'll operate as a federally regulated custodian across the US, under OCC oversight. CEO Kris Marszalek called it a "testament to our commitment to compliance." They applied back in October, planning to custody digital asset treasuries, ETFs, and more.

This comes two months after the OCC conditionally approved five other crypto giants — Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Coinbase also applied in October but said they have "no intention of becoming a bank" if approved.

But not everyone's cheering. The American Bankers Association pushed the OCC to delay new crypto trust charters until the GENIUS Act stablecoin framework is fully implemented. They warned each app needs "robust safety and soundness standards."

Why the rush? Nationally chartered trust companies could dodge most state licensing requirements, according to BairdHolm attorney Eli Rosenberg.

World Liberty Financial — the USD1 stablecoin company backed by President Donald Trump and his sons — also applied for a national bank trust charter in January. They said it would let them issue and custody USD1 directly, cutting out third parties.

But Senator Elizabeth Warren is side-eyeing the application, saying she has "no confidence" OCC head Jonathan Gould (a Trump appointee) can fairly assess it. Gould claims the review will be "apolitical and nonpartisan."