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Crypto companies can now get federal trust bank charters, letting them custody and settle nationwide under a single regulator
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The pipeline had been effectively closed under the Biden administration and reopened by Trump's OCC in March 2025
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Twelve companies have been granted charters since December, including Circle, Ripple, and Coinbase
On January 13th, 2021, Anchorage Digital was granted a US federal trust bank charter. That charter makes them a bank and makes them federally supervised. They can custody and settle transactions nationwide under a single regulator, rather than a patch work of state regulators.
No New Charters for 1,681 Days
They were the first in the country, and the only one for 1,681 days. Other companies applied, none were approved. Until December last year, when the flood gates suddenly opened - five crypto companies were granted charters. On the same day. What changed?
The Anchorage Digital charter was granted on the former OCC comptroller's second to last day in office. He was appointed during the first Trump administration and his employer before the OCC was Coinbase, where he served as Chief Legal Officer. He knew what he did. However, the Biden administration didn’t view crypto the same way, and when he was replaced new charters weren’t granted. It didn’t really make sense for crypto companies to apply anymore.
Pent Up Applications Coming Through
Following the 2024 administration change, Rodney Hood was appointed Acting Comptroller of the OCC and in March of last year the OCC issued a new interpretive letter and rescinded one which required written regulator permission, effectively killing the pipeline. It was issued during the Biden administration. After its rescission is when crypto companies started applying for federal bank charters again.
On December 12th, the first five were granted their federal trust banking charter: Circle, Ripple, BitGo, Paxos and Fidelity Digital Assets. After that, companies have started applying en masse. 11 applications in 83 days from December 12th to early March. And in February and April, four more were granted, Coinbase among them.
Four years of pent up applications have started coming through. It’s the latest evidence that Trump's promise of being the crypto capital of the world is actual policy, not just promises.
Crypto companies are edging closer to being able to get the same kind of recognition, access and clarity of regulation as traditional banks. This development, together with the introduction of the PACE Act can make crypto companies functionally equal to banks with access to both federal payment systems and custody.
