- OCC Comptroller Jonathan Gould said legally permitted crypto activities should have access to national bank charters.
- The OCC lists 13 pending digital asset charter applications, including Payward, Revolut Bank US and EDX Trust.
- The OCC has processed many complete applications within 120 days as regulators streamline the federal charter process.
The U.S. Office of the Comptroller of the Currency is reopening a path for digital asset firms seeking national bank charters. On Aug. 11, Comptroller Jonathan V. Gould said legally permissible crypto activities should have access to federal banking charters. The OCC has received 40 new bank applications during the past 18 months.
OCC Sees More Crypto Charter Applications
Gould said the OCC wants to increase new bank formation after years of declining applications. From 2011 through 2014, the agency received fewer than four charter applications annually.
However, the OCC has recently processed applications faster. Many complete applications received decisions within 120 days, according to the regulator.
The OCC’s digital asset licensing list currently contains 13 pending applications. They include Payward National Trust Company, World Liberty Trust Company, Revolut Bank US, PAYO Digital Bank, EDX Trust, Agora National Trust Bank and Dakota National Trust Bank.
Dakota’s July 28 filing remains the newest application listed by the agency. Meanwhile, Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos received conditional approvals in December 2025.
Crypto Firms Face Federal Charter Requirements
Coinbase received preliminary conditional approval in April, while Circle’s First National Digital Currency Bank became effective July 10. Still, the process does not guarantee approval for every applicant. The OCC denied Wise National Trust’s application on July 21.
Meanwhile, banking groups have questioned how broadly national trust charters can cover crypto activities. Senator Elizabeth Warren has also questioned whether some approvals exceed the National Bank Act.
The Bank Policy Institute separately asked the OCC to examine Payward’s capital, liquidity, affiliate transactions and resolution planning. These challenges come as regulators revise processes for new banking applicants. The FDIC announced a new deposit insurance review system on Aug. 10.
FDIC Changes Deposit Insurance Review
The FDIC process applies to applications received after Aug. 15. Phase one targets contingent authorization within 120 days of receiving an application. Phase two can last up to 12 months while applicants complete requirements for final approval.
However, many crypto firms seeking national trust charters do not seek FDIC-insured deposits. The OCC also changed its chartering terminology effective April 1. The revised rule replaced references to “fiduciary activities” with “operations of a trust company.”
The OCC said the change does not expand or reduce its chartering authority. Meanwhile, Gould said the agency will continue encouraging new banks and legally permitted digital asset businesses.
