What happened? Crypto.com filed for a National Trust Bank Charter with the OCC.
Crypto.com has submitted an application to the U.S. Office of the Comptroller of the Currency for a National Trust Bank charter, joining other crypto firms seeking federal recognition. The move is aimed at expanding regulated custody and staking services across multiple blockchains and positioning the firm for institutional business. If approved, the charter would let Crypto.com operate under federal supervision as a custody-focused trust bank, though it still couldn’t take retail demand deposits or issue general-purpose loans.
Who does this affect? Customers, institutional investors, and traditional banks will feel the effects.
Retail users of Crypto.com could gain access to more regulated custody options and potentially new institution-grade services. Institutional investors, ETF issuers, and corporate treasuries stand to benefit from a federally supervised custody provider for digital assets. At the same time, traditional banks and industry groups are pushing back and lobbying the OCC, which could slow approvals and shape who actually gets a charter.
Why does this matter? It could shift institutional flows and change how crypto is regulated and banked in the U.S.
A federal trust charter would boost legitimacy and likely attract more institutional capital, custody of corporate treasuries, and ETF activity into crypto markets. That increased demand could support higher flows into digital assets, but regulatory uncertainty and banking opposition mean news of filings or approvals will probably cause short-term market volatility. Over the longer term, a handful of approved trust banks could centralize custody services, heighten competition with traditional banks, and reshape the plumbing for payments and custody in the crypto ecosystem.