Five Crypto Firms Secure Federal Banking Charters in Watershed Moment for Digital Assets

The Office of the Comptroller of the Currency approved national trust bank charters for Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos—marking the first time cryptocurrency companies gain equal standing with traditional financial institutions under U.S. federal oversight.

Circle will operate as First National Digital Currency Bank, while BitGo, Fidelity and Paxos converted existing state charters into federal ones. The approvals create a unified regulatory framework across all 50 states, eliminating the patchwork of state-level compliance burdens.

OCC Comptroller Jonathan V. Gould framed the decision as inevitable financial modernization: "This levels the playing field between innovators and incumbents." The move follows years of regulatory uncertainty that saw crypto firms operate in legal gray areas.

While chartered companies can custody digital assets and act as fiduciaries, strict limitations remain. Unlike conventional banks, they cannot accept deposits, issue loans, or offer FDIC insurance—safeguards Gould emphasized WOULD remain exclusive to traditional banking.