U.S. Comptroller of the Currency Jonathan V. Gould said entities engaged in legally permissible digital asset activities should have access to national bank charters, with the OCC open to granting charters to crypto firms seeking federally insured deposit powers.
Gould's statement comes as the OCC announced it has received 40 de novo applications over the past 18 months, with decisions made on many complete applications within 120 days. The OCC has long controlled the pathway to national bank status, a charter that grants federal insurance, discount window access, and exemption from state-level banking rules. Digital asset firms have pursued this status to operate legally as banks rather than as money services businesses subject to state-by-state money transmitter licensing.
Gould stated: "America and the OCC are once again open for business." The phrase tracks with executive orders issued since January 2025 directing agencies to reduce barriers to crypto-adjacent firms. The prior Biden-era OCC had expressed skepticism of granting charters to digital asset companies, citing concerns about bank safety and soundness.
The 40 de novo applications over 18 months include requests for national trust banks, a category that allows limited lending and deposit-taking without full commercial banking powers. Trust banks have become a focal point for custody-focused crypto firms seeking federal oversight without exposure to full banking regulations. The 120-day timeline Gould cited applies to complete applications only; initial processing and information requests can extend timelines significantly.
Gould did not specify how many of the 40 applications involved digital assets or how many resulted in approvals. The OCC issued its first-ever national bank charter to a digital asset firm, Anchorage Digital, in January 2023 under the Biden administration, followed by approvals for other crypto custody and trust firms. A second digital asset-focused national bank, Protego, received approval in late 2024.
The Federal Reserve and Federal Deposit Insurance Corporation have also said they will engage with digital asset applications, though both agencies have imposed heightened scrutiny on institutions with cryptocurrency exposure. The Treasury Department, through FinCEN, continues to monitor anti-money-laundering compliance at crypto-friendly banks.
Gould's backing of a formal pathway does not guarantee approval for any particular applicant. The OCC retains discretion to deny charters based on capital adequacy, management quality, and compliance risk assessments. Crypto firms pursuing charters still face scrutiny over their business models, custody arrangements, and exposure to volatile assets. The question that decides adoption velocity is whether the OCC will maintain this faster decision timeline as application volume increases and whether the Fed and FDIC align their own approval standards.
