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- Crypto.com advances toward federal bank charter after OCC approval
- Federal oversight push grows as crypto firms seek
- OCC signals regulatory clarity for digital asset custody
Regulatory momentum in the United States continues to reshape the digital asset industry as Crypto.com moves closer to operating under direct federal oversight. The swap has verified that it has been conditionally authorized by the Office of the Comptroller of the Currency to seek a federally chartered national bank license in the future.
This move places Crypto.com in a line of companies dealing with digital assets that want to be granted a national trust bank. In addition, the license enables the firm to be ready to provide digital asset custody and staking services with a federal regulatory structure. As a result, the company moves closer to the merging of the traditional banking system and crypto operations.
Kris Marszalek, CFO and CEO of Crypto.com, said the conditional approval is a response to the compliance efforts of the company. He also said that the milestone enhances its desire to serve institutions that want a qualified custodian who is under federal oversight. Also, he stressed the need to provide credible and safe services to the customers.
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What Conditional Approval Means for Crypto.com’s Operations
Cryptocurrency.com would no longer be controlled by state regulations but under federal laws, which would be enabled by a national trust bank charter. Therefore, a single regulatory framework would be applied to the company rather than having to deal with various state regimes. With such a framework, it gives the authorization by the firms to custody and protect client assets in compliance with national standards.
Notably, conditional approval does not give an immediate banking authority. Nevertheless, it enables the company to proceed with discussing specific regulatory requirements imposed by the OCC. Thus, Crypto.com will be unable to get full charter status without meeting those requirements.
Growing List of Crypto Firms Seeking Federal Oversight
Crypto.com is the second company, after Bridge, that has had conditional approval in place since last week. Previous licenses were granted to Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. Notably, this order of actions indicates a clear regulatory path that the crypto companies may follow to get more involved in the U.S. banking system.
In the last one year, the regulatory visibility has increased during the leadership of President Donald Trump. The Office of the Comptroller of the Currency made it clear that United States banks are allowed to purchase and sell crypto assets on behalf of customers. Furthermore, authorities revoked past instructions restricting the banking operations of crypto-related transactions.
Federal Policy Changes Reshape the Competitive Landscape
Consequently, digital asset companies are seeking federal charters more and more frequently to keep pace with changing policy. This transition shows an increase in the need to have organized controls as opposed to decentralized state controls. Moreover, the institutions tend to like counterparties that are under federal regulation.
The migration highlights a growing convergence between digital asset platforms and traditional financial infrastructure. Therefore, the regulatory environment is more certain among firms that are ready to adhere to federal requirements.
The conditional OCC license granted to Crypto.com is another move in the overall shift of crypto companies to the status of federal banks. As more companies secure similar approvals, the U.S. regulatory framework continues to evolve around digital asset custody and related services.
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