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Quick take:
The OCC said each application was carefully reviewed based on its individual merits, consistent with applicable statutory and regulatory factors.
Ripple was conditionally approved de novo (as a brand new) National Trust Bank, while BitGo, Fidelity, and Paxos received conditional approvals for conversion into National Banks.
The five new institutions are joining approximately 60 other national trust banks currently supervised by the OCC.
BitGo has received approval from the Office of the Comptroller of the Currency (OCC) to convert into the National Trust Bank. The crypto company joins Anchorage Digital, the first federally regulated digital asset bank in a rapidly growing segment of the cryptocurrency industry.
BitGo received conditional approval to convert into a National Bank alongside Fidelity Digital Assets, and Paxos Trust Company, while Ripple National Trust Bank’s Charter was issued as de novo (brand new), alongside First National Digital Currency Bank.
According to the announcement on Friday, each application was carefully reviewed based on its individual merits, consistent with applicable statutory and regulatory factors. The five new institutions are joining approximately 60 other national trust banks currently supervised by the OCC.
Commenting on the announcement, Comptroller of the Currency Jonathan V. Gould said: “New entrants into the federal banking sector are good for consumers, the banking industry, and the economy. They provide access to new products, services, and sources of credit to consumers, and ensure a dynamic, competitive, and diverse banking system. The OCC will continue to provide a path for both traditional and innovative approaches to financial services to ensure the federal banking system keeps pace with the evolution of finance and supports a modern economy.”
Anchorage Digital was the first federally regulated banking institution focused on digital assets, receiving its approval in 2021. CEO and Co-Founder Nathan McCauley told Seeking Alpha that his institution never wanted to be the last. “This is long overdue. We welcome the new conditional charters as a validation of our original vision: federal banking regulation strengthens the digital asset ecosystem.”
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