Ripple Gains OCC Approval as Trust Bank

OCC Grants Conditional Approval for National Trust Bank Charters

• The Office of the Comptroller of the Currency (OCC) has conditionally approved five national trust bank charters, including Ripple National Trust Bank and BitGo Bank & Trust.
• Firms such as Fidelity Digital Assets, Paxos Trust Company, and First National Digital Currency Bank also received approvals.
• BitGo, Fidelity, and Paxos will transition from existing state trust charters, while Ripple and First National Digital Currency Bank are new entities.
• The approvals increase the number of federally chartered national trust banks to approximately 60.
• These charters allow firms to provide federally regulated crypto custody and trust services across state lines under consistent federal oversight.

The OCC’s conditional approval for five national trust bank charters enables firms like Ripple and BitGo to offer regulated crypto custody services. This expansion brings the total number of federally chartered national trust banks to around 60.