OCC Head Demands Equal Treatment for Crypto Firms in Bank Chartering Process

Regulators are finally catching up—or at least, trying to. The head of the Office of the Comptroller of the Currency just fired a shot across the bow of traditional finance, calling for crypto firms to get the same shot at a bank charter as any legacy player.

Leveling the Playing Field

For years, crypto companies have been stuck in regulatory purgatory—too innovative for the old guard, too big to ignore. The argument was simple: if you're performing bank-like functions, you should be subject to bank-like rules. But the door to those rules was often locked. Now, a top U.S. banking regulator is saying it's time to hand over the key, arguing that consistent standards foster safer innovation, not stifle it. It’s a move that could cut through years of bureaucratic red tape and grant legitimacy to a sector that’s been operating in the shadows.

The Charter Stamp of Approval

Securing a national bank charter isn't about getting a fancy plaque for the wall. It's a golden ticket—a way to bypass the patchwork of state-by-state money transmitter licenses and operate across the U.S. with one unified set of federal rules. For a crypto firm, it means clearer custody rules, defined lending parameters, and a direct pipeline into the heart of the payments system. It turns a fintech startup into a full-fledged financial institution overnight. Of course, it also brings the full weight of federal oversight, capital requirements, and examiners who probably still don't understand your cold storage setup.

A New Era or Just New Paperwork?

This push signals a monumental shift in thinking. Regulators are moving from asking "How do we stop this?" to "How do we safely bring this in?" It acknowledges that blockchain-based finance isn't a fad—it's the foundation of a parallel financial system that's already being built. Equal access to charters could trigger a wave of institutional-grade crypto-banks, merging decentralized tech with traditional trust. But let's be real—this is the same system that took decades to recognize online banking. A little cynicism is healthy. After all, in finance, "equal treatment" often just means a new, equally expensive box to check.

The call for parity is a direct challenge to the old world. It’s not about giving crypto a free pass; it’s about holding it to the same high-stakes table. The message is clear: innovate, but do it where we can see you. The race to build the future of money just got an official rulebook—and for the first time, everyone's being invited to play by the same rules.

OCC Plans to Supervise Crypto Firms in Banking System – Here’s How

Gould also dismissed concerns from certain existing banks regarding OCC’s lack of supervisory capacity to oversee new applicants’ activities.

In remarks at the 2025 Blockchain Association Policy Summit, Gould noted that the agency is hearing daily from existing banks about their own initiatives for innovative products and services.

“The OCC has also had years of experience supervising a crypto-native national trust bank,” Gould added. “All of this reinforces my confidence in the OCC’s ability to effectively supervise new entrants as well as new activities of existing banks in a fair and even-handed manner.”

Besides, he emphasized the need to evolve the banking system from historical technologies like the telegraph to modern blockchain innovations.

Crypto Players Apply for National Trust Charter

In October, Coinbase filed an application with the US OCC for a National Trust Company Charter to expand financial services under clear regulations.

Despite the move, Coinbase was clear that it has no plans to become a traditional bank. If granted, the license would allow the crypto exchange giant to offer payments without depending on third-party banks.

Circle and Ripple have filed similar applications. For instance, Ripple intended to bring its dollar-backed stablecoin, RLUSD, under federal supervision by seeking a national banking license.

Additionally, Circle is looking to launch a federally regulated entity named First National Digital Currency Bank that would allow the company to offer crypto custody.