Five Cryptocurrency Companies Granted Banking Access in the U.S.

The Office of the Comptroller of the Currency (OCC) in the U.S. has granted conditional approval for national trust bank status to five cryptocurrency companies, including Ripple, Circle, and BitGo. Jonathan Gould, who was appointed by Trump as the OCC president, stated regarding the matter, "New entrants to the federal banking sector are good for consumers, the banking industry, and the economy."

Today, with a significant step from the OCC, five cryptocurrency companies have taken another important step towards integrating into the U.S. banking system. On Friday, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos were granted conditional approval for national trust bank status.

Circle's application for the First National Digital Currency Bank was also among the approved entities. BitGo, Fidelity Digital Assets, and Paxos are expected to transition their activities, previously conducted under state licenses, to conditional federal status.

The national trust bank license does not provide the authority to lend or accept deposits, unlike a full-service bank license. In this context, customer accounts are generally not covered under FDIC insurance. However, the license allows companies to hold customer assets and act on behalf of customers in payments and various financial transactions.