OCC Approves Five Crypto Trust Banks as ‘Debanking’ Claims Face Scrutiny

The Office of the Comptroller of the Currency (OCC) conditionally approved five digital asset-oriented companies for national trust bank charters, including Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos (converting from state charters), alongside a new de novo application for First National Digital Currency Bank. These approvals challenge claims that the banking industry is systematically excluding crypto firms. However, the approvals also complicate the crypto sector's narrative of coordinated exclusion, as they signal a measured regulatory path for compliance-focused trust bank models, which focus on custody and settlement rather than traditional deposits or lending.

This action coincides with the OCC's preliminary findings that major banks did engage in debanking practices between 2020 and 2023, citing reputational concerns across sectors including digital assets. OCC Comptroller Jonathan Gould stated that new entrants benefit the banking system. While the OCC confirmed that banks made inappropriate distinctions, its report focused on bank-created policies rather than a centralized directive, distinguishing its findings from the crypto industry's rhetoric of "Operation Choke Point 2.0."

(Source：BeInCrypto)