More than 15 crypto firms are storming the gates for banking licenses as U.S. regulators ease restrictions, opening direct access to federal payment systems and legitimacy.
Banking Regulators Ease Rules, Trigger Rush From 15+ Crypto Firms
More than a dozen crypto firms are reportedly applying for banking licenses with the Office of the Comptroller of the Currency (OCC), which regulates around 1,000 national banks and federal savings associations. According to Crypto in America, at least 15 crypto and fintech entities, including Circle and Bitgo, have applications pending with the OCC.
The agency has become more receptive to these applications under the Trump administration, encouraging firms to seek deeper integration with the traditional banking system. For some, trust charters offer a pathway to the Federal Reserve’s master accounts, providing direct access to the central bank’s payment infrastructure — a resource typically reserved for federally regulated depository institutions.
The increase in applications came after the OCC issued an Interpretive Letter in March, allowing national banks and federal savings associations to engage in certain cryptocurrency activities. The letter confirmed that crypto custody, stablecoin functions, and use of distributed ledger networks are permitted. Acting Comptroller Rodney E. Hood said banks must apply the same risk controls to new activities as they do to traditional ones. 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.
The Federal Deposit Insurance Corporation (FDIC) has aligned with this shift. A policy update in Financial Institution Letter FIL-7-2025 permits FDIC-supervised banks to engage in crypto activities without prior approval, provided they have proper risk controls. “With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” said Acting Chairman Travis Hill last month. The change applies to more than 5,000 U.S. banks under FDIC oversight.
Meanwhile, Federal Reserve Chair Jerome Powell recently signaled a more open regulatory approach to crypto assets: “We took a pretty conservative and other banking regulators took an even more conservative perspective on the guidance and rules we imposed on banks,” he said. “I think there’ll be some loosening of that.” Powell acknowledged the sector’s growing maturity, stating:
The climate is changing and you’re moving into sort of more mainstreaming of that whole sector.
