Crypto companies are increasingly moving into financial services traditionally dominated by banks, particularly in US derivatives settlements, where billions of dollars are exchanged daily. A recent decision by the Commodity Futures Trading Commission (CFTC) on November 5 has opened the door for derivatives clearinghouses to use trust companies for daily settlements, a role previously reserved for banks. This shift comes as regulators expand the services that trust companies can provide, though traditional banking groups have raised objections.
The scale of the derivatives settlement business is substantial. CME Group, a major derivatives market operator, handled an average of $8.7 billion per business day through its clearing systems in the first half of 2026, up from $6.7 billion a day in 2025. The CFTC's no-action relief allows clearinghouses to use trust companies for settlements if they meet the same evaluation and monitoring requirements as traditional settlement banks. This decision addresses a regulatory inconsistency that previously limited settlement services to banks.
Several crypto firms have already expanded their institutional financial services. Coinbase, for example, partnered with Nodal Clear in 2025 to integrate USDC into US futures trading, with Coinbase Custody Trust expected to provide daily settlement services. Other firms like BitGo, Circle, Ripple, Crypto.com, and Stripe-owned Bridge have also secured US national trust bank approvals, reflecting the industry's push into federally regulated financial services.
Traditional banks have contested this expansion, with the Independent Community Bankers of America suing the Office of the Comptroller of the Currency (OCC) in October. They argue that the OCC's national trust bank charter rules allow crypto firms to conduct bank-like activities without meeting all the requirements imposed on conventional banks. Despite these objections, industry experts like Cody Carbone, CEO of The Digital Chamber, note that the CFTC's relief does not put trust companies in a better or worse position than traditional banks but rather provides more options for clearinghouses.
The durability of this regulatory opening remains uncertain. The CFTC's no-action letter is revocable and does not formally amend the underlying regulation. A change in Commission leadership or political landscape could withdraw the relief. With Democrats winning control of both chambers of Congress in the November 3 midterm elections, the incoming Congress will have greater power to scrutinize the CFTC's regulatory agenda, adding another layer of uncertainty for crypto firms.