Key insight: The Office of the Comptroller of the Currency approved national trust charter applications for First National Digital Currency Bank, Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets and Paxos Trust Company.
Supporting data: The five approvals announced Friday are only a portion of more than a dozen similar national trust charter applications that have been filed with the agency since the beginning of the year.
Forward look: Bank groups are likely to oppose the move, as they’ve opposed the agency’s interpretation of the statute that allows crypto firms to take deposits without FDIC-insurance — an interpretation set out by Comptroller of the Currency Jonathan Gould in 2021 when he served as OCC…
