Yes

>>The OCC grants conditional approval to Circle, Ripple, BitGo, Fidelity, and Paxos to operate as national trust banks.

The OCC grants conditional approval to Circle, Ripple, BitGo, Fidelity, and Paxos to operate as national trust banks.

crypthub

4 days ago

Regulatory Approvals

The OCC conditionally approved five digital‑asset firms on December 12. Circle and Ripple received new national trust bank charters, while BitGo, Fidelity Digital Assets and Paxos were allowed to convert existing state trusts. These approvals expand the number of crypto firms under direct OCC supervision.

Charter Types

New charters let Circle and Ripple provide nationwide custody and trust services under a single federal regulator. Conversions move BitGo, Fidelity and Paxos from state‑chartered trusts to national trust banks, preserving their focus on digital‑asset custody and settlement. National trust banks differ from commercial banks by not taking retail deposits or issuing traditional loans, instead safeguarding assets and managing fiduciary accounts.

Conditional Requirements

Approval remains provisional; each firm must meet capital, governance, risk‑control and compliance conditions before operating. The OCC will monitor these supervisory requirements using the Anchorage Digital model as a benchmark. Final charters are granted only after all conditions are satisfied.

Regulatory Impact

Expanding federal supervision aims to replace fragmented state regimes with uniform national standards. The move signals growing regulatory acceptance of crypto custody and settlement services. It reflects a broader push for clearer oversight of digital‑asset infrastructure.