Crypto.com moves closer to federal bank status with currency comptroller office nod

Cryptocurrency exchange Crypto.com has secured conditional approval from the Office of the Comptroller of the Currency for a national trust banking charter, expanding its push into federally regulated financial services.

The approval allows Foris Dax National Trust Bank, operating as Crypto.com National Trust Bank, to provide digital asset custody and trade settlement. Additionally, the charter permits the firm to stake assets it holds on behalf of clients. The Monday announcement said that if regulators grant full approval, the company can operate as a national trust bank under OCC supervision.

Chief executive Kris Marszalek said the decision reflects the company’s focus on compliance and secure services. He added that the charter moves Crypto.com closer to serving institutions seeking a federally supervised qualified custodian. Furthermore, he described the approval as a key step toward offering a single platform for institutional digital asset needs.

Crypto.com joins several other crypto firms pursuing similar paths. Coinbase Global Inc. (NASDAQ: COIN) and Circle Internet Group Inc. (NYSE: CRCL) have sought comparable regulatory standing. Additionally, Ripple Labs and Paxos have received conditional approvals from the OCC.

World Liberty Financial, which has ties to President Donald Trump, also applied for a charter. However, House Democrats recently urged U.S. Treasury Secretary Scott Bessent to review that application over national security concerns. Meanwhile, traditional banking groups have pressed regulators to slow the approval process.

The American Bankers Association has called for greater transparency around charter reviews. Furthermore, industry tensions have spilled into debate over the proposed Clarity Act, a bill aimed at defining crypto market structure rules. Lawmakers continue to argue over stablecoin yield products and oversight standards.

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Genius Act establishes federal framework for stablecoins

Regulatory momentum accelerated after two federal actions earlier this year. In May, the OCC confirmed that banks may hold crypto assets for customers. Additionally, President Trump signed the GENIUS Act in July to regulate stablecoin issuance and trading.

The GENIUS Act establishes a federal framework for stablecoin issuance and oversight in the United States. Lawmakers designed the bill to clarify which agencies supervise dollar-backed digital tokens. Additionally, the law requires stablecoin issuers to hold high-quality liquid reserves, such as cash or short-term U.S. Treasuries.

The act mandates regular disclosures about reserve composition and risk management practices. Furthermore, it subjects issuers to routine examinations and compliance standards similar to those applied to traditional financial firms. Regulators say the framework aims to protect consumers and limit systemic risk. Consequently, stablecoin providers must meet stricter transparency and capital requirements before offering tokens to the public.

The stablecoin market now carries nearly USD$309 billion in circulating supply. Consequently, policymakers and banks view digital assets as an increasingly integrated part of financial infrastructure.