Paxos, Fidelity, Ripple, BitGo, and Circle secure US trust bank approvals

The conditional approvals clear a path for major crypto companies to operate as national trust banks under the supervision of the US OCC.

The US Office of the Comptroller of the Currency has conditionally approved five national bank charter applications for companies tied to the digital assets industry.

In a Friday notice, the OCC said it had conditionally approved BitGo, Fidelity, and Paxos to convert their existing state-level trust companies into federally chartered national trust banks. In the same announcement, the regulator said it had conditionally approved new applications from Circle and Ripple for national trust bank charters.

“New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” said Jonathan Gould, the Comptroller of the Currency, adding: “The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy.”

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