Crypto firms are pushing deeper into financial services traditionally dominated by banks, aiming to play a bigger role in US derivatives settlements. The shift comes as regulators expand the services that trust companies can offer, though traditional banking groups are challenging parts of this regulatory framework. A key development came on Nov. 5, when the Commodity Futures Trading Commission (CFTC) allowed derivatives clearinghouses to use trust companies for daily settlements, a function previously restricted to banks.
The scale of the derivatives settlement business is substantial. CME Group, a major derivatives market operator, transferred 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. This highlights the financial flows that trust companies could increasingly support. The CFTC’s decision followed a request from derivatives clearinghouse Nodal Clear, which partnered with Coinbase in 2025 to integrate USDC into US futures trading. Coinbase Custody Trust was already expected to provide daily settlement services under this arrangement.
Several major crypto firms have secured US national trust bank approvals recently, including Circle, Ripple, Crypto.com, and Stripe-owned Bridge. Coinbase’s national trust bank charter also took effect on Nov. 6, allowing Coinbase National Trust Company to provide federally supervised digital asset custody services. However, traditional banks have objected to this expansion, with the Independent Community Bankers of America suing the Office of the Comptroller of the Currency (OCC) in October, arguing that crypto firms could conduct banklike activities without meeting all the requirements imposed on conventional banks.
The CFTC’s decision leaves questions about the long-term role of trust companies in derivatives settlement. The agency issued a no-action letter rather than formally amending its regulations, meaning the relief could be withdrawn. Jordan Yeagley, a shareholder at Buchanan Ingersoll & Rooney, noted that a change in CFTC leadership could revoke the letter. The political landscape is also shifting following the Nov. 3 US midterm elections, with Democrats gaining control of both chambers of Congress, which could impact the CFTC’s regulatory agenda.