Washington, D.C. — The Office of the Comptroller of the Currency today granted conditional approval for five national trust bank charters. The applicants include Ripple National Trust Bank, BitGo Bank & Trust, Fidelity Digital Assets, Paxos Trust Company and First National Digital Currency Bank. Greg Baer, BPI President and CEO, responded to the decision:
Today’s decision by the OCC to grant conditionally five national trust charters leaves substantial unanswered questions. Chiefly, whether the requirements the OCC has outlined for the applicants are appropriately tailored to the activities and risks in which the trust will engage. We hope the OCC will share more details about these applications so the public can better understand the rationale behind today’s decision.
Additional Resources:
- What’s in a Charter?
- Not All Charters Are Created Equal: Full-Service Banks, Trust Companies and ILCs Explained
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About Bank Policy Institute
The Bank Policy Institute is a nonpartisan public policy, research and advocacy group that represents universal banks, regional banks and the major foreign banks doing business in the United States. The Institute produces academic research and analysis on regulatory and monetary policy topics, analyzes and comments on proposed regulations, and represents the financial services industry with respect to cybersecurity, fraud, and other information security issues.
Media Contacts
Austin Anton
Bank Policy Institute
austin.anton@bpi.com
