Ripple gets OCC approval to become national trust bank
The OCC conditionally approved national trust bank charters for five crypto-linked firms, including Ripple and BitGo.Summary
The Office of the Comptroller of the Currency (OCC) granted conditional approvals for five national trust bank charters, allowing firms like Ripple and BitGo to join the U.S. federal banking system upon meeting final regulatory conditions. The approved entities include Ripple National Trust Bank and BitGo Bank & Trust, alongside Fidelity Digital Assets, Paxos Trust Company, and First National Digital Currency Bank. While BitGo, Fidelity, and Paxos will convert existing state trust charters, Ripple and First National Digital Currency Bank received approval as new (de novo) entities. These federal charters permit the custody of digital and non-deposit financial assets, such as stablecoins and tokenized instruments, expanding federally regulated crypto custody options across state lines.
(Source：Crypto Briefing)