Crypto.com has filed an application with the US Office of the Comptroller of the Currency (OCC) for a national trust bank charter, marking a decisive step toward federally supervised institutional custody. The move places the exchange alongside Coinbase, Circle, Paxos, Ripple, and Stripe / Bridge, which have all pursued similar trust charters this year as crypto custody inches closer to bank-grade compliance.
A federal move to deepen institutional trust
Until now, Crypto.com has operated its U.S. custody business through a New Hampshire-chartered qualified custodian, Crypto.com Custody Trust Company. That entity remains intact, but the new filing brings part of the business under direct OCC oversight. The company hopes that such a level of supervision will increase its appeal to risk-averse institutional investors.
A federal charter would let Crypto.com serve clients across the United States under a single supervisory framework, removing the need to navigate multiple state trust regimes.
The timing is deliberate. Institutional appetite for digital assets is rising again. However, traditional players, namely asset managers, corporate treasuries, and family offices, demand counterparties with federal oversight and audited controls. For exchanges, an OCC charter has become the ultimate trust signal.
The 2025 national-trust wave
Crypto.com’s filing joins a growing list of digital-asset companies seeking federal charters for crypto firms. Coinbase and Circle were among the first movers, followed by Paxos, Ripple, and Stripe / Bridge. All are chasing the same goal: to operate nationally without the patchwork of state rules that complicate custody and compliance.
The trend reflects a maturing market. In 2020, crypto companies were lobbying to avoid banking rules. By 2025, they are voluntarily embracing them. Analysts compare this phase to the early days of internet banking in the 1990s when digital-only players sought federal trust licenses to prove legitimacy. The OCC national trust bank charter has become the preferred structure because it offers federal recognition without requiring full commercial-bank privileges.
What a national trust bank actually is
Despite the “bank” in the name, an OCC national trust bank cannot take deposits or extend credit unless it holds additional approvals. Instead, it focuses on fiduciary services such as custody, trustee, and safekeeping functions.
That distinction matters. A trust bank provides federal supervision, capital requirements, and regular examinations, yet remains insulated from retail-banking risks. For crypto companies, that balance, oversight without deposit liabilities, is ideal.
This model also fits within evolving U.S. regulation. The SEC’s pending custody-rule changes will require investment advisers to use qualified custodians that meet strict oversight standards. A federally chartered trust bank satisfies those expectations and aligns with institutional compliance frameworks.
Crypto.com’s strategy for institutional expansion
The new charter aligns with Crypto.com’s institutional crypto custody ambitions. Adding this federal layer to its custody stack simplifies the onboarding for asset managers who currently face compliance bottlenecks when dealing with state-regulated entities.
It also positions Crypto.com competitively against Coinbase Custody Trust Company and Paxos Trust Company, which already hold OCC or New York DFS charters.
In practice, the filing shows that Crypto.com isn’t chasing retail expansion. Instead, it’s building infrastructure for qualified custodianship and back-end services that institutional investors expect. Federal oversight, combined with the firm’s global licenses in Singapore, the U.K., and Dubai, could help unify its worldwide compliance profile under one standard.
The competitive landscape: toward federalization
The 2025 charter race marks the federalization of crypto custody. Each approval brings the sector closer to a world where digital-asset service providers operate under the same prudential frameworks as traditional trust banks.
Coinbase, Circle, Paxos, Ripple, and Stripe / Bridge have already set that trajectory. For regulators, this convergence represents progress. After all, it replaces fragmented state oversight with uniform federal rules. For institutions, it reduces counterparty uncertainty.
Foreign exchanges without a U.S. trust presence may find themselves at a disadvantage when competing for custody mandates. Industry observers note that institutional clients increasingly view an OCC trust charter as a baseline requirement for counterparties offering custody services.
The regulatory and political backdrop
The OCC is still recovering from early-2020s controversies around fintech charters. Acting Comptroller Michael Hsu has emphasized that “national trust charters are limited-purpose entities.” That stance signals the agency’s comfort with granting them under tight oversight.
Banking-lobby groups remain wary, arguing that these entities receive some privileges of national banks without the burden of deposit insurance. Still, the regulator’s willingness to process new filings shows that the OCC is treating Crypto.com ’s application for a national trust bank charter as part of a broader institutional trend rather than a novelty.
Approval timelines usually take six to twelve months, depending on capitalization, governance, and risk frameworks. Given the OCC’s backlog and political scrutiny, observers expect a decision on Crypto.com’s application sometime in 2026.
What it means for institutional clients
For large investors, a federal trust charter means simplified compliance and enhanced portability. Institutions operating across several states can rely on one federally supervised custodian instead of multiple state-licensed ones.
The charter also reassures auditors and insurers that digital-asset custody follows bank-level risk management standards. It’s a structural improvement, not a marketing move, and it could drive a new wave of mandates toward federally recognized custodians.
As the SEC and CFTC continue aligning their custody requirements, the institutional crypto custody landscape is expected to narrow around players that meet this benchmark.
>>> Read more: Coinbase OCC Trust Charter and the Future of Crypto
A sign of industry maturity
The pursuit of federal trust charters marks a philosophical shift. After years of friction between crypto startups and regulators, leading firms are now seeking to integrate into the U.S. banking framework instead of working around it.
For Crypto.com, success would elevate its credibility with institutional clients and reinforce its U.S. foothold at a time when competition for compliant custody is heating up.
If approved, the Crypto.com national trust bank charter would symbolize a new chapter for the industry. One where digital-asset custodians are not outsiders of finance but recognized participants within it.
