OCC Greenlights Ripple, BitGo, Fidelity, & Paxos to Launch National Crypto Banks

The Office of the Comptroller of the Currency just tore down a major wall. Four crypto powerhouses—Ripple, BitGo, Fidelity, and Paxos—secured the federal charters needed to operate as national trust banks. This isn't just approval; it's a seismic shift in the regulatory landscape.

The New Gatekeepers

Forget state-by-state licensing limbo. These charters grant a single, nationwide operating license. Ripple can now weave its settlement infrastructure directly into the core of finance. BitGo's custody vaults just got a federal stamp. Fidelity's massive institutional arm gains a powerful new vehicle. Paxos gets to issue its stablecoins from a radically stronger position. The OCC didn't just open a door—it handed them the master key.

Why This Cuts Through the Noise

This move bypasses the patchwork of state money transmitter laws, a notorious bottleneck for crypto firms. It signals that federal regulators are finally building a runway instead of laying tripwires. The implicit message to traditional finance? Adapt or get bypassed. It's the kind of legitimization that makes Wall Street risk committees sweat—and maybe finally open their wallets.

The fine print, of course, brings heavier compliance burdens. But for these players, that's a trade worth making. It converts regulatory uncertainty into a scalable, defendable business model. A cynical take? The old guard regulators are finally creating the 'too big to fail' institutions they understand, just in a new asset class. The future of crypto banking landed today—and it's wearing a suit approved by Washington.

OCC’s oversight of national trust banks

The conditional approvals mean the five will eventually join the roughly 60 other national trust banks already under the OCC’s supervision, once all pre-opening conditions are satisfied. The decision underscores the OCC’s commitment to making sure the federal banking system remains dynamic and supportive of modern finance. 

“New entrants into the federal banking sector are good for consumers, the banking industry and the economy. They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system,” said Comptroller of the Currency Jonathan V. Gould. “The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy.” 

Prior regulatory guidance

National trust banks have a main business of fiduciary activities, such as custody and related services, which gel rather well with the Core offerings of digital asset firms. This conditional approval of the charters is the result of the continued effort by OCC to bring regulatory clarity and a federal framework to the digital asset space. Earlier in the year, the agency took steps to accommodate the industry’s activities.

In November, the OCC confirmed national banks could hold crypto assets as principal for the express purpose of paying operational network fees, often called “gas fees.” 

Riskless transactions and equal treatment

In December 2025, the OCC confirmed the permissibility of national banks engaging in “riskless principal transactions” with crypto assets on behalf of their customers, further opening up access.

Comptroller Gould has long favored treating innovative financial firms equally and said in a speech last December that crypto firms should be treated no differently than their traditional counterparts when it comes to considering their applications for bank charters. 

Well before the widespread approval this week, the OCC’s active approach to crypto banking had already begun to see results, as firms like Erebor received conditional OCC charters in October, which provided an early signal of the agency’s long-term regulatory intent. These earlier steps set the stage for this week’s wide-ranging approval.

The integration into the national trust bank system will likely have major implications for the U.S. financial sector. In return, the federal oversight for those newly chartered banks replaces a patchwork of state licensing, allowing them to operate their services nationwide under one primary federal regulator.

With this clear regulatory path, the OCC tries to make the U.S. a leader in institutional adoption and regulation of digital assets. By welcoming firms such as Ripple and Fidelity into the federally supervised system, the OCC is actively encouraging competition and innovation. 

Also Read: OCC Exposes 9 Major U.S. Banks Engaged in Controversial Debanking