U.S. Comptroller Signals Path for Crypto Firms to Receive Bank Charters
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Jonathan Gund, the United States Comptroller of the Currency (OCC), has hit back at traditional banks looking to block the entry of crypto companies into the federal banking system. He framed this resistance as an impediment to financial innovation.
OCC Reaffirms Support for Crypto Firms Seeking Bank Charters
On December 8, Gould made an appearance at the Blockchain Association Policy Summit in Washington, where he reaffirmed the commitment of the Office of the Comptroller of the Currency (OCC) to supporting innovation in banking.
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This commitment, he stated, includes ensuring a viable pathway for cryptocurrency firms seeking national bank charters, provided they adhere to all federal regulations.
Gould added that several traditional banks have been in constant communication with the OCC, which regulates national banks and has authority over new entrants into the industry.
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These banks have expressed hesitancy about crypto companies obtaining federal charters, often advocating instead for their own proprietary blockchain solutions.
“Such concerns risk reversing innovations that would better serve bank customers and support local economies,” Gould said, signaling support for crypto companies looking to secure bank charters as long as they comply with federal banking regulations.
A New Wave of Crypto Charter Applications Signals Shifting Regulatory Winds
Historically, the OCC’s approach to crypto-linked banking has been cautious. From 2021 to 2025, only Anchorage Digital secured a national trust charter from the agency. Nevertheless, applications have continued.
A potential shift toward more favorable federal crypto policy has now precipitated an increase.
According to Gould, the OCC has received about 14 applications for bank charters from crypto companies.
Erebor, a digital bank backed by billionaire Peter Thiel, obtained preliminary approval in October.
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Other prominent applicants include stablecoin issuer Circle and Ripple Labs.
Coinbase’s application illustrates the strategic value of a charter.
The publicly traded exchange filed with the OCC in October, clarifying that it does not seek to become a traditional crypto bank. Instead, as former employee Luke Youngblood explained, a charter would allow Coinbase to integrate banking services directly, eliminating dependencies on partner banks for critical fund transfers.
Supporting the company’s stance, Luke Youngblood, a former Coinbase employee, explained in a podcast episode that the charter will allow the company to “offer basically built-in on-ramp, off-ramp, and no longer have to use partner banks on-ramps, off-ramps.”
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With Gould now showing support for crypto companies toeing this line, it wouldn’t be outlandish to believe that mass approvals could be on the way – just as the Securities and Exchange Commission (SEC) did with crypto exchange-traded funds (ETFs) earlier this year.
