OCC approved today conditionally five digital asset-oriented companies for national trust bank charters, signaling a measured but noticeable expansion of crypto companies into the federal banking system.
The decision challenges claims from parts of the banking sector that crypto cannot comply with regulatory standards. At the same time, it also complicates the sector's own narrative of a coordinated effort to shut it out of financial services.
The five companies behind the approval
Alongside Ripple National Trust Bank, the Office of the Comptroller of the Currency (OCC) conditionally approved four additional digital asset-focused institutions, suggesting a broader regulatory initiative and not a one-off exception.
In addition to Ripple, OCC approved a new trust bank application for First National Digital Currency Bank and authorized Circle, BitGo, Fidelity Digital Assets, and Paxos to convert from state charters.
All five approvals are currently conditional and require each institution to meet specific operational, governance, and compliance requirements before final authorization.
'New entrants into the federal banking sector are good for consumers, the banking industry, and the economy,' said OCC chief Jonathan Gould in a press release. 'They provide access to new products, services, and sources of credit for consumers, ensuring a dynamic, competitive, and diverse banking system.'
The collection of these companies is due to their business model and regulatory positioning within the financial system.
None of them plan to operate as full-service commercial banks with deposits or traditional lending products. Instead, they focus on custody, settlement, and infrastructure for digital assets aimed at institutional clients.
For established players like Fidelity and Paxos, a national bank charter provides one federal regulator and authority across the USA. This replaces fragmented oversight at the state level and simplifies regulatory dialogue at an institutional scale.
For newer players like Ripple National Trust Bank and First National Digital Currency Bank, the approvals provide federal access without exposure to consumer banking operations.
Overall, the approvals suggest that OCC is not blocking crypto companies but clarifying which business models are allowed access.
Debanking-strategy explained
The debate over crypto 'debanking' has intensified in recent years, often portrayed as a conflict between regulators, banks, and digital asset companies.
Leaders in the cryptocurrency industry have repeatedly claimed that banks, encouraged by regulators, have systematically restricted access to essential financial services. This narrative gained traction under the term 'Operation Choke Point 2.0', with comparisons to earlier regulatory actions particularly associated with former SEC chair Gary Gensler.
Banks and regulators have opposed the claims, asserting that they made decisions based on risk management, compliance, and reputation considerations, not ideology.
These tensions resurfaced on Wednesday when OCC published preliminary findings from its review of the alleged debanking of the largest American banks.
Debanking was real but limited
In its review on December 10, OCC concluded that between 2020 and 2023, the country's largest banks engaged in debanking practices.
The agency states that banks made inappropriate distinctions between legal businesses, restricted access, or imposed heightened scrutiny driven by reputation considerations.
Digital asset activities were explicitly mentioned among the affected sectors, alongside weapons, energy, adult entertainment, and payday loans.
However, OCC's portrayal is narrower than the industry's 'Operation Choke Point 2.0' rhetoric. The report focuses on bank-created policies and escalation processes, not a centralized directive instructing banks to shut out crypto companies.
This distinction matters for how this debate is interpreted now.
Much of the period under review coincides with the cryptocurrency downturn in 2022–2023 and the effect this had on the banking sector.
The review was published under Gould, who was appointed earlier this year by President Donald Trump. Gould presented the findings as part of a effort to limit 'weaponized' finance and reputation-driven exclusions.
Against this backdrop, OCC's conditional approvals for five crypto-oriented trust banks make it harder to claim that such companies are still systematically excluded.
Although banks and industry organizations warn against regulatory imbalance, the approvals show that federal access is expanding for trust banks focused on compliance.
