Washington is making notable strides in the realm of cryptocurrency custody, a development that reflects ongoing regulatory evolution rather than a complete transformation. Recent measures by the Office of the Comptroller of the Currency (OCC) indicate a commitment to establishing a framework for which crypto firms can qualify for national trust charters. These charters would enable designated firms to function as federally regulated custodians throughout the United States.
On April 2, 2026, Coinbase became the latest recipient of conditional OCC approval for a national trust company charter. If finalized, this approval would permit Coinbase to act as a federally regulated crypto custodian. However, the company clarified that this status would not equate to operating as a conventional commercial bank since it would not accept retail deposits or engage in fractional reserve banking practices.
Earlier, on February 23, 2026, Crypto.com also announced it had obtained conditional OCC approval for a national trust bank charter. This approval similarly paves the way for Crypto.com to take strides toward federally supervised custody and trading settlement services, though it, too, will not be permitted to accept cash deposits or issue loans like traditional banks.
The significance of these approvals lies in the establishment of a federal avenue for crypto custody, which offers firms increased operational latitude compared to state trust structures. This federal framework provides institutional clients with clearer regulatory guidance for the management of digital assets, trade settlements, and related custody services under OCC oversight.
Although this regulatory movement may seem novel, it builds on earlier actions taken by the OCC. Reports dating back to December 12, 2025, revealed that the agency had granted initial approvals to Ripple and Circle for the establishment of national trust banks. Additionally, applications from firms such as BitGo, Paxos, and Fidelity Digital Assets seeking to transition from state trust charters to national ones had also received approval.
Thus, the recent endorsements for Coinbase and Crypto.com are more accurately perceived as progressing an ongoing trend initiated in 2025, marking a growing list of firms transitioning into this federal framework.
It’s important to clarify what these charters entail. They do not equip the approved firms with full-service banking capabilities. Instead, they focus on the custody model, emphasizing the safeguarding of client assets and facilitating transaction settlements within a federally supervised environment. This distinction is crucial, as some narratives may overstate the implications of these approvals. The current regulatory approach does not confer conventional banking powers to crypto firms; rather, it delineates which entities are eligible to manage digital assets and execute settlement functions under national oversight.
