OCC Opens National Bank Charter Path for Digital Asset Companies

Highlights:

• National bank charters could give more eligible crypto companies a way into the U.S. banking system.
• The OCC wants to encourage more new banks after years of fewer applications.
• Crypto firms still need to meet strict rules before they can receive approval.

The Office of the Comptroller of the Currency said that it is increasing efforts to revive de novo bank formation after years of declining activity. Comptroller Jonathan V. Gould said the agency wants more qualified institutions, including eligible digital asset companies, to pursue national bank charters.

New entrants to the banking system drive competition & innovation and are crucial to a healthy financial system. Under @SecScottBessent’s leadership, the OCC is reinvigorating de novo chartering and commends @FDICgov for its recent efforts to do the same. https://t.co/vlA7E2zL4w pic.twitter.com/Mc5Gr1eQBf

— OCC (@USOCC) August 11, 2026

“For more than a decade, regulators signaled that those seeking a federal bank charter and federal deposit insurance need not apply,” Gould said. He added, “Entities that engage in legally permissible activities, including those involving digital assets and other novel technologies, should have a path to becoming a national bank. America and the OCC are once again open for business.”

The OCC said de novo chartering declined sharply during the past 15 years and reduced competition across the banking industry. The agency received fewer than four charter applications each year between 2011 and 2014. During some of those years, the OCC did not receive a single de novo charter application.

However, interest has returned. The OCC received 40 de novo charter applications during the past 18 months, including requests for national trust banks. The agency also decided many complete applications within 120 days. One full-service national bank has already opened after receiving final OCC approval. The approval marked the agency’s first authorization for a full-service national bank in five years.

National Bank Charters Gain Fresh Momentum

The OCC currently lists 13 pending national bank charter applications from companies seeking to provide crypto or other digital asset services. The applicants 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 submitted the newest application on July 28.

Several companies have already moved further through the review process. The OCC granted conditional approval to Circle, Ripple, BitGo, Fidelity Digital Assets and Paxos in December last year. The OCC also granted Coinbase preliminary conditional approval in April. Circle’s First National Digital Currency Bank officially became an effective national trust bank on July 10.

The FDIC’s revised process applies to deposit insurance applications received after Aug. 15. Under the new system, the first phase aims to grant contingent authorization within 120 days after receiving a complete application for a national bank charter. The second phase gives organizers up to 12 months to satisfy operational, capital and regulatory requirements before receiving final approval.

Oversight Remains Central to Every Decision

The OCC said every national bank charter applicant must satisfy regulatory, financial, management and supervisory requirements before receiving final approval. The OCC also said its chartering rule, which took effect on April 1, only updated references to trust company operations. The agency said the rule did not expand or reduce its legal authority to issue bank charters.

Meanwhile, Senator Elizabeth Warren recently questioned whether some digital asset trust charters comply with the National Bank Act. In June, the Bank Policy Institute urged the OCC to examine capital, liquidity, governance, and proposed banking activities before approving Payward’s application.

🇺🇸 NEW: Sen. Elizabeth Warren questioned OCC approvals for crypto trust charters tied to Coinbase, Ripple and Paxos, per Bloomberg.

Warren warned some approvals may violate US banking law. pic.twitter.com/lfz2q150zs

— The Crypto Johannes (@TheCryptoJonny) May 19, 2026

The OCC also denied Dutch neobank Bunq’s application to establish Bunq US Bank. The regulator rejected the application for a national bank charter because it found weaknesses in Bunq’s capital plans, management expertise, and financial projections. Bunq submitted the application in January after withdrawing its first U.S. banking application in early 2024.