Ripple, Circle, BitGo Among Five Crypto Firms Set to Become Trust Banks
Five digital asset firms have received conditional approvals Friday to become federally chartered banks by the Office of the Comptroller of Currency (OCC) in a major step to bring U.S. dollar stablecoin issuers under federal regulatory oversight.
Blockchain firm Ripple and Circle’s (CRCL) First National Digital Currency Bank are on the list, which also includes BitGo, Fidelity Digital Assets and Paxos, each having previously operated under state charters that will be converted to conditional federal status.
The OCC is the only federal agency that charters banks and trusts, and this surge in approvals potentially marks a major turning point in crypto banking. Since the arrival of President Donald Trump’s administration, the regulator —…
