Crypto.com has officially joined the growing wave of digital-asset firms seeking national trust bank status in the United States, applying with the Office of the Comptroller of the Currency (OCC). The move places the exchange alongside industry peers such as Coinbase, Circle, and Bridge, the stablecoin arm of Stripe, all of which have recently made similar regulatory moves.
The application represents a major milestone for Crypto.com, which has sought to establish itself as a regulated and trusted financial institution. Co-founder and CEO Kris Marszalek said the firm’s long-term vision has always been to build products and services within a clear regulatory framework. He emphasised that securing a national trust bank charter would enable Crypto.com to expand its offerings while maintaining high security and compliance standards.
If approved, the charter would allow Crypto.com to offer federally regulated custody services, positioning it as a leading “custody destination” for institutions and retail investors. The OCC’s evolving stance on digital assets has opened the door for banks to hold and manage cryptocurrencies, a development that has spurred a new wave of applications from crypto companies aiming to bridge traditional finance and digital asset markets.
The application also comes amid broader regulatory progress in the U.S. crypto banking sector. Earlier this month, Erebor Bank—a crypto institution backed by investor Peter Thiel—became the second company in history to receive a conditional federal charter after Anchorage Digital. Meanwhile, the Federal Reserve is exploring new ways to support crypto-focused financial institutions through “skinny” master accounts. These accounts, as proposed by Fed Governor Christopher Waller, would grant limited access to the central bank’s payment infrastructure on a streamlined, faster basis, though without privileges such as interest payments or overdraft protection.
The potential for such accounts could prove pivotal for firms like Crypto.com, which have historically faced hurdles in accessing the Fed’s payment system despite holding state or federal charters.
Crypto.com’s pursuit of a national charter comes as it continues to expand its U.S. presence following the relaunch of its institutional exchange earlier this year. The company has been navigating a shifting regulatory climate under the revived Trump administration, which many in the industry view as more open to crypto innovation. However, challenges persist—earlier this month, the exchange faced a legal setback when a Nevada judge denied its request for an injunction related to a separate regulatory dispute.
Still, with the OCC’s expanding crypto framework and the Federal Reserve’s consideration of streamlined access to its payment rails, Crypto.com’s latest move underscores the growing convergence between digital asset platforms and the traditional banking system.
