More Than 15 Crypto Firms Are Storming the Gates for Banking Licenses

More than a dozen crypto firms are reportedly applying for banking licenses with the Office of the Comptroller of the Currency (OCC)

The U.S. banking regulators are opening the door for greater participation by crypto firms in the federal financial system. More than 15 crypto firms are applying for banking licenses with the Office of the Comptroller of the Currency (OCC).

According to data from Crypto in America, at least 15 crypto and fintech entities, including Circle and Bitgo, have applications pending with the OCC for new national bank charters.

The OCC, which regulates around 1,000 national banks and federal savings associations, has become more receptive to these applications, especially under the Trump administration.

Those seeking deeper integration with the traditional banking system can apply for a trust charter. These charters can provide an entry point for firms to reach the Federal Reserve’s master accounts, granting direct access to the central bank’s payment infrastructure - a resource typically reserved for federally regulated depository institutions.

This increase in applications follows an Interpretive Letter issued by the OCC in March, permitting national banks and federal savings associations to engage in certain cryptocurrency activities.

The letter confirms that crypto custody, stablecoin functions, and use of distributed ledger networks are permitted. Acting Comptroller Rodney E. Hood emphasized the importance of consistent risk management.

“This administrative action will reduce the regulatory burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology,” said Hood.

The Federal Deposit Insurance Corporation (FDIC) is also aligning with this shift. A policy update in Financial Institution Letter FIL-7-2025 permits FDIC-supervised banks to engage in crypto activities without prior approval, provided they have proper risk controls.

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Acting Chairman Travis Hill last month. This change applies to more than 5,000 U.S. banks under FDIC oversight.

The shift in approach was signaled by Federal Reserve Chair Jerome Powell, who noted a more open regulatory stance toward crypto assets.

“We took a pretty conservative and other banking regulators took an even more conservative perspective on the guidance and rules we imposed on banks on crypto. I think there’ll be some loosening of that,” Powell said.

He recognized the sector’s growing maturity, adding: “The climate is changing and you’re moving into sort of more mainstreaming of that whole sector.”