Over 15 Crypto Companies Are Applying for Bank Licenses in the US, Indicating a Shift in Regulatory Perspective towards Digital Assets.
A wave of cryptocurrency companies are rushing to submit applications for bank licenses in the United States, marking a crucial turning point in the integration between traditional finance and digital assets. According to a report from Crypto in America, at least 15 crypto and fintech organizations, including major names like Circle and BitGo, currently have license applications under review by the US Office of the Comptroller of the Currency (OCC).
New Policy Paves the Way for Integration
The sudden surge in license applications occurred after the OCC issued an Explanatory Letter in March, expanding the permitted activities of national banks and federal savings associations in the cryptocurrency field. The document confirms that crypto custody services, stablecoin functions, and the use of Distributed Ledgers are all within the scope of legal operations.
"Today's action will reduce the burden on banks participating in crypto-related activities and ensure that these banking activities will be processed consistently by the OCC, regardless of the underlying technology," Acting Comptroller Rodney E. Hood stated when announcing the new policy.
For many cryptocurrency companies, obtaining a trust charter opens up opportunities to access the Federal Reserve's master account – a central payment system previously reserved only for federally regulated deposit-taking institutions. This is seen as a significant breakthrough, providing crypto companies with deeper participation in the traditional financial system.
According to analysts, owning a bank license will help cryptocurrency companies enhance their credibility while expanding their service scope and accessing new customers.
Not only the OCC, but the Federal Deposit Insurance Corporation (FDIC) has also adjusted its policy in a more flexible direction. In the Financial Institution Letter (FIL-7-2025), the FDIC allows over 5,000 banks under its supervision to engage in crypto-related activities without prior approval, provided they have appropriate risk control measures.
"With today's move, the FDIC is closing the mistaken chapter of the past three years," Acting FDIC Chairman Travis Hill stated, subtly criticizing the previous restrictive approach.
Federal Reserve Chairman Jerome Powell has also recently expressed a more lenient view towards crypto assets, acknowledging the increasingly mature nature of the sector. "The landscape is changing, and we are entering the mainstream phase of this entire field," Powell observed.
