tl;dr
Crypto.com is pushing for a national trust bank charter, joining peers like Coinbase and Circle in navigating regulatory landscapes. This move could redefine crypto's integration with traditional finance, as regulators increasingly shape the industry's future.
**Crypto.com Seeks National Bank Charter as Crypto Industry Expands Regulatory Footprint**
Crypto.com, a prominent cryptocurrency exchange, has taken a significant step toward mainstream financial integration by filing a national trust bank charter application with the Office of the Currency Comptroller (OCC). The move, announced on Friday, places the firm among a growing list of crypto companies, including USDC issuer Circle, exchange Coinbase, and Stripe’s stablecoin arm Bridge, that are pursuing similar regulatory approvals.
The application underscores Crypto.com’s commitment to offering “regulated and secure” services, a priority since the company’s inception. In a statement, co-founder and CEO Kris Marszalek emphasized, “Building the Crypto.com product and service portfolio through regulated and secure offerings has been our focus since day one. We are excited to take this next step by filing for a national trust bank charter and look forward to continuing to pursue opportunities to provide customers with the trusted services they require.”
If approved, the national trust bank charter would bolster Crypto.com’s position as a leading custodial service provider, enabling it to offer more robust financial products and services under federal oversight. This aligns with broader trends in the crypto industry, where firms are increasingly seeking traditional banking licenses to navigate regulatory scrutiny and gain legitimacy.
The OCC’s recent guidance allowing banks to custody, buy, and sell crypto assets has spurred a wave of applications from crypto companies. This month, Erebor, a crypto bank backed by Peter Thiel, became the first to secure a conditional federal charter, following Anchorage Digital, which received the first-ever crypto bank charter in 2021. These developments signal a shifting regulatory landscape that is gradually accommodating the crypto sector.
Meanwhile, the Federal Reserve is exploring new avenues to support crypto firms. Fed Governor Christopher Waller revealed this week that the central bank is considering “skinny master accounts” for institutions that have struggled to obtain full federal charters. These accounts, managed by federally chartered banks, would grant crypto firms access to the Fed’s payment systems, enabling direct transactions. However, they would come with limitations, such as excluding interest payments on account balances or overdraft protection.
For Crypto.com, the push for a national bank charter coincides with a broader strategy to expand its offerings. Earlier this year, the company relaunched its institutional exchange amid heightened regulatory optimism in the U.S., spurred in part by the return of the Trump administration. The firm is also venturing into prediction markets, though it faced a setback earlier this month when a Nevada judge denied an injunction request related to its operations.
The move by Crypto.com reflects the industry’s growing ambition to bridge the gap between traditional finance and cryptocurrency. As regulatory frameworks evolve, crypto firms are increasingly positioning themselves as legitimate financial entities, seeking the stability and trust that come with federal oversight. While challenges remain—particularly in balancing innovation with compliance—the path toward mainstream acceptance appears to be gaining momentum.
For now, Crypto.com’s application to the OCC marks another milestone in the ongoing effort to integrate digital assets into the broader financial ecosystem. Whether the charter is approved or not, the firm’s proactive approach highlights the industry’s determination to shape the future of finance on its own terms.