OCC Approves Five Crypto Trust Banks as ‘Debanking’ Claims Face Scrutiny

The U.S. Office of the Comptroller of the Currency (OCC) has approved five crypto-focused trust banks, a move that’s drawing attention at a time when the industry has been loudly warning about “debanking.” For many in crypto, this decision cuts directly against the narrative that regulators are trying to push digital asset firms out of the traditional financial system.

The newly approved trust banks are designed to provide custody, settlement, and fiduciary services for digital assets under federal oversight. While they won’t operate like full commercial banks that take deposits or issue loans, they do gain a regulated pathway into the U.S. banking system. That’s a big deal for crypto firms that have struggled to find reliable banking partners since the collapse of several crypto-friendly banks in recent years.

Regulators argue that these approvals show the system is not hostile to crypto, but selective. The message is clear: firms that meet compliance, risk management, and capital standards can still gain access. Critics, however, say the bar has been raised so high that only a handful of well-funded players can qualify, leaving smaller startups effectively locked out.

Ultimately, the OCC’s move signals a shift from blanket resistance to controlled integration. Crypto isn’t being shut out—but it is being forced to grow up fast under traditional financial rules.