OCC says crypto firms can pursue U.S. bank charters

The Office of the Comptroller of the Currency (OCC) said on Aug. 11 that digital asset companies conducting legally permissible activities should have a route into the U.S. national banking system, as Comptroller Jonathan V. Gould renewed the agency’s push to revive new bank formation. Summary OCC received 40 de novo applications during 18 months, including applications for national trust banks. Digital asset firms conducting legally permissible activities should have bank pathways, Comptroller Jonathan Gould said. OCC currently lists 13 pending digital asset licensing applications, including Payward, Revolut and World Liberty. FDIC’s new two phase review targets contingent authorization within 120 days for new insurance applications. OCC denied Wise National Trust’s charter application July 21, showing approvals remain subject to review. Gould said in the OCC release that the regulator received 40 de novo applications over the past 18 months, including national trust bank applications, and has decided many complete applications within 120 days. He added that “America and the OCC are once again open for business.” The statement followed the FDIC’s Aug. 10 announcement of a new revi...