Crypto Races Into Banking as Over 15 Firms Seek Licenses

More than 15 cryptocurrency and fintech firms—including Circle and BitGo—are actively pursuing banking licenses through the Office of the Comptroller of the Currency (OCC), which oversees roughly 1,000 national banks and federal savings associations.

The wave of applications reflects a growing push by digital asset firms to deepen their integration with the traditional financial system.

This surge comes amidst signs that the OCC, under renewed crypto-friendly leadership, may be reopening the door to the industry.

While some applicants are seeking to streamline operations others are eyeing OCC trust charters as a stepping stone to the ultimate prize: a Federal Reserve master account.

Access to this account—currently restricted to federally regulated depository institutions—would grant crypto firms direct entry to the Fed’s payment infrastructure, potentially allowing them to bypass traditional banking intermediaries.

While no crypto firm has yet secured a master account, Custodia Bank continues to challenge the Fed’s denial in court.

Meanwhile, sources noted that a draft executive order is circulating within the White House, which would compel the Fed to formally evaluate crypto-native applicants for such access.

The OCC’s initial support for crypto trust charters began under former Acting Comptroller Brian Brooks, who approved Anchorage as the first chartered crypto trust and gave preliminary approval to Paxos in 2021.

Now, with Brooks’ former deputy Jonathan Gould poised for confirmation as Comptroller, the agency may signal a return to more permissive policies following a cautious period under the Biden administration.

Momentum has also been driven by a March Interpretive Letter from the OCC, clarifying that national banks and federal savings associations are permitted to engage in crypto custody, stablecoin issuance, and blockchain-based settlement activities—so long as they apply robust risk management standards comparable to traditional banking operations.

He noted at the time:

“Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology.”

FDIC Warms to Crypto Banking, but the Fed Remains Cautious

The Federal Deposit Insurance Corporation (FDIC) has signalled its alignment with evolving crypto policy.

A recent update, outlined in Financial Institution Letter FIL-7-2025, now allows the more than 5,000 FDIC-supervised banks to engage in cryptocurrency-related activities without prior approval—provided they implement appropriate risk management frameworks.

Acting Chairman Travis Hill said last month:

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years.”

At the same time, Federal Reserve Chair Jerome Powell has acknowledged the increasing sophistication of the digital asset sector and suggested a more open posture toward regulation:

“We took a pretty conservative and other banking regulators took an even more conservative perspective on the guidance and rules we imposed on banks. I think there’ll be some loosening of that."

Still, the Fed remains cautious.

It has resisted granting master account access to crypto firms operating under OCC trust charters, citing potential risks to financial stability and the threat of regulatory arbitrage.

Traditional banking institutions, including Bank of America, have echoed the Fed’s concerns, arguing that extending central bank infrastructure to more lightly regulated entities could destabilise the two-tier banking system and introduce new vulnerabilities.

As crypto lobbying intensifies in Washington, the issue is set to take center stage in upcoming legislative debates.

One focal point is the GENIUS Act—a Senate proposal that would bring stablecoin issuers under the Bank Secrecy Act, mandating customer verification and suspicious activity reporting.

The outcome could reshape how—and whether—crypto firms gain a foothold within the traditional banking framework.