OCC says digital asset firms should have a route to U.S. bank charters

A growing pipeline of crypto-related applicants

The OCC’s current digital asset licensing list shows 13 pending applications from firms seeking to offer crypto or other digital asset products through bank structures. Names on the list include Payward National Trust Company, World Liberty Trust Company, Revolut Bank US, PAYO Digital Bank, EDX Trust, Agora National Trust Bank and Dakota National Trust Bank.

Dakota National Trust Bank is the newest filing now listed, with an application dated July 28. The volume of pending applications points to sustained interest from digital asset firms in obtaining a federal banking foothold through the OCC’s chartering process.

Some firms have advanced, but approval is not automatic

Several major companies had already progressed further before the latest statement. In December 2025, the OCC conditionally approved applications involving Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos. Coinbase then received preliminary conditional approval in April.

OCC records also show that Circle’s First National Digital Currency Bank became effective on July 10. At the same time, the process remains selective. Wise National Trust’s application was denied on July 21, underscoring that access to a federal charter is not being granted automatically to all applicants.

FDIC changes may speed insured bank formation

The charter debate is unfolding alongside a new Federal Deposit Insurance Corporation process for deposit insurance applications received after Aug. 15. Under that framework, phase one starts when an application is submitted and aims for contingent authorization within 120 days.

A second phase can last as long as 12 months while organizers satisfy the remaining conditions needed for final approval and a deposit insurance order. This matters most for new institutions that want insured deposits, while many digital asset firms pursuing national trust bank charters use structures that do not rely on FDIC-insured deposits.

Even so, Gould linked the FDIC changes to the OCC’s wider push to reverse the decline in new bank formation.

Political and industry scrutiny continues

The OCC’s approach remains contested in Washington and within the banking industry. Sen. Elizabeth Warren has questioned whether some crypto trust charters go beyond what the National Bank Act permits, and she has asked Gould to explain the legal basis for approving digital asset applicants.

Industry groups have also weighed in on specific cases. In a June comment on Payward’s application, the Bank Policy Institute urged the OCC to review issues including capital and liquidity support, affiliate transactions, resolution planning and whether the proposed activities fit within national trust bank powers.

What comes next

For now, the clearest confirmed point is that the OCC intends to continue accepting applications from digital asset businesses rather than impose a blanket bar. Still, applicants must meet regulatory, financial, management and supervisory standards before they can receive final authorization, and a conditional approval by itself does not allow a proposed bank to begin operating.

The next developments are likely to come from the 13 pending applications, from firms that already hold conditional approvals, and from the FDIC’s updated process once it begins applying to new insurance filings after Aug. 15. Additional OCC approvals, denials or legal challenges could shape how quickly more crypto firms secure a place in the federal banking system.