U.S. OCC Boosts Crypto Firms' Entry into Federal Banking Sector

The Office of the Comptroller of the Currency (OCC) has reaffirmed its plan to promote de novo bank charters, accelerating crypto firms' entry into the federal banking sector.

Ripple, Circle, Crypto.com, and Paxos have received conditional approval for national trust bank charters, while Coinbase's charter application is under review. The OCC chief, Jonathan V. Gould, stressed that de novo bank formation is a sign of a sound banking system.

Gould also mentioned reforms to the Federal Deposit Insurance Corp.'s process for reviewing deposit insurance applications are moving forward in tandem with the OCC's expansion of new bank charters.