Five Crypto Firms Win Initial Approvals as Trust Banks, Including Ripple, Circle, BitGo
The firms have obtained conditional approval from the Office of the Comptroller of the Currency to convert into national trust banks.
Crypto firms Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos received conditional approval by the OCC to become federally chartered trust banks.
The move sets up firms to follow in the footsteps of Anchorage Digital, the first to get a federal bank trust charter in the U.S.
A slew of stablecoin issuers and crypto firms, including Coinbase, filed for federal oversight after GENIUS Act was written into law.
Five digital asset firms have received conditional approvals Friday to become federally chartered trust banks by the Office of the Comptroller of Currency (OCC) in a major step to bring U.S. dollar stablecoin issuers under federal regulatory oversight.
Blockchain firm Ripple and Circle's (CRCL) First National Digital Currency Bank are on the list, which also includes BitGo, Fidelity Digital Assets and Paxos, each having previously operated under state charters that will be converted to conditional federal status.
