OCC Unleashes 'Open for Business' Signal, Crypto Firms Rush to Charter

The US Office of the Comptroller of the Currency (OCC) has announced its commitment to reviving de novo bank chartering, a move that has already opened up opportunities for top crypto companies.

In recent years, the OCC received an average of fewer than four charter applications per year. However, over the past 18 months, the agency has received 40 de novo applications, including those from major crypto players such as Ripple and Circle.

The OCC's efforts have been commended by the Federal Deposit Insurance Corporation (FDIC), which recently introduced a new process for reviewing deposit insurance applications. According to Comptroller of the Currency Jonathan V. Gould, 'de novo chartering is a sign of a healthy banking system.'

Erebor Bank, N.A., backed by Palmer Luckey and Peter Thiel's Founders Fund, has become the first full-service national bank to receive final approval in five years.