OCC Conditionally Approves Five Crypto-Focused National Trust Bank Charters

On December 12, 2025, the Office of the Comptroller of the Currency ("OCC") granted the conditional approval of five national trust bank charter applications involving crypto-focused institutions. The approvals include two de novo charters, First National Digital Currency Bank and Ripple National Trust Bank, and the conversion of three state trust companies, BitGo Bank & Trust, Fidelity Digital Assets, and Paxos Trust Company, into uninsured national trust banks subject to OCC supervision.

The OCC's decision letters emphasize that each approval is preliminary and contingent on satisfaction of customary pre-opening requirements. In each case, the OCC based its determination on a "thorough evaluation" of the application record and the representations and commitments made by the applicants, while expressly reserving the right to modify, suspend or rescind the approvals if material changes occur prior to final authorization to commence business.