Paxos, Ripple and Circle gain OCC national trust approval
Paxos, Fidelity, Ripple, BitGo, and Circle have received approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish national trust banks in the United States.
In a Friday notice, the OCC announced that it had conditionally approved the applications of BitGo, Fidelity, and Paxos to convert their existing state-chartered trust companies into federally licensed national trust banks. In the same announcement, the regulator said it had conditionally approved new applications from Circle and Ripple for national trust bank charters.
“The emergence of new players in the federal banking sector benefits consumers, the banking industry, and the economy,” said Jonathan Gould, the Comptroller of the Currency, adding that the OCC “will continue to support 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.”
As reported by Cointelegraph, the OCC’s approval paves the way for major crypto companies to operate as regulated national trust banks.
Far-reaching ambitions of crypto companies
Although this type of bank is not permitted to accept deposits, issue loans, or offer credit cards like traditional banks, an OCC charter opens the door to a wide range of other opportunities.
These include fiduciary services such as trust and estate management, acting as a trustee or custodian, investment portfolio management, and administration of pension and other funds. In some cases, trust banks go further and obtain a limited banking license, granting them broader authority in managing client assets.
As we wrote, Senate confirms Jonathan Gould to lead OCC amid crypto expansion
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