Comptroller reveals path for crypto companies to become banks

Comptroller reveals path for crypto companies to become banks

Acting Comptroller of the Currency Brian Brooks — soon to be confirmed in the role full time — has revealed another way for U.S. crypto custody providers to receive a charter to operate as a federally-approved bank.

In a Nov. 17 interview with Forbes, Brooks stated that there are currently three methods for payment companies to become a federally chartered bank. The first option is to apply for a non-depository national bank charter, and the other two are to buy a depository institution or apply for a National Trust Bank charter.

But Brooks said the Office of the Comptroller of the Currency, or OCC, was on the cusp of allowing trust companies to become banks.

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According to Brooks, companies like Anchorage, Coinbase Custody, and Gemini are already operating as trust companies under state-issued trust company charters.

The Acting Comptroller said that the OCC had “a number of applications” from crypto companies to convert these charters into National Trust Bank

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