Five Crypto Firms Step Closer to Become a Bank, Including Ripple, Circle, BitGo

Five digital asset firms—Ripple, Circle's First National Digital Currency Bank, BitGo, Fidelity Digital Assets, and Paxos—have been granted conditional approval by the Office of the Comptroller of the Currency (OCC) to convert into federally chartered national trust banks. This move is seen as a significant step toward bringing U.S. dollar stablecoin issuers under federal regulatory oversight. The OCC, which charters banks and trusts, has shifted toward a friendlier stance on crypto under its current leadership. If these firms meet the agency's expectations, they will permanently join approximately 60 institutions holding such charters, which permit fiduciary activities like custody.

(Source：CoinDesk)