Five Crypto Firms Win Conditional Approvals as National Trust Banks, Including Fidelity and BitGo

The U.S. Office of the Comptroller of the Currency (OCC) granted conditional approvals to five digital asset firms—Ripple, Circle, Fidelity Digital Assets, BitGo, and Paxos—to become federally chartered national trust banks. This major step allows them to convert from state-level charters to federal status, subject to meeting OCC conditions. Once finalized, these institutions will join about 60 other national trust banks, gaining the authority to offer nationwide fiduciary and custody services for digital assets, though they cannot accept deposits or make loans. Firms like Circle and Paxos noted the federal charter would enhance regulatory clarity and confidence for institutional clients. OCC Comptroller Jonathan V. Gould stated that these new entrants foster competition and innovation within the federal banking system.

(Source：Bitcoin Magazine)