Over 15 Crypto Firms Rush for Banking Licenses as Regulators Ease in the US
Washington, D.C. – A new wave is rising in the digital finance industry as more than 15 crypto firms are actively applying for banking licenses in the United States. This comes as federal banking regulators, including the Office of the Comptroller of the Currency (OCC) and the Federal Deposit Insurance Corporation (FDIC), are gradually loosening regulatory barriers to digital assets.
According to a report from Crypto in America, several prominent companies in the crypto and fintech space – including Circle, the issuer of the USDC stablecoin, and BitGo, a digital asset custody platform – currently have applications pending with the OCC, which oversees more than 1,000 national banks and federal savings associations in the United States.
The shift comes during the Trump administration, when the OCC began to take a more open view of the digital asset space, paving the way for companies to gain deeper access to the traditional banking system. With a bank trust license, crypto companies can directly access a principal account at the Federal Reserve (Fed), a privilege previously reserved for traditional custodians.
In March, the OCC issued a major Interpretation Letter, affirming that national banks and federal savings associations are allowed to provide digital asset custody services, support stablecoins, and operate distributed ledger (DLT)-based operations. Acting Comptroller Rodney E. Hood stated that new operations must adhere to the same risk management standards as traditional banking operations, emphasizing the OCC’s consistency in approach regardless of the underlying technology.
The FDIC – which oversees more than 5,000 US banks – has also been quick to adjust to the new trend. In guidance letter FIL-7-2025, the FDIC stated that banks under its supervision are allowed to engage in the cryptocurrency sector without prior approval, as long as adequate risk controls are in place. “We are closing in on three years of inertia in adapting to financial innovation,” said Acting FDIC Chairman Travis Hill.
In addition, the Federal Reserve has also shown signs of softening its stance. Chairman Jerome Powell recently said: “We and other regulators have been quite cautious. Now it’s time to reconsider. This industry is maturing rapidly.”
The positive moves from federal agencies indicate a strategic shift in the US government’s approach to the cryptocurrency sector. With the regulatory door opening, the digital asset industry could enter a new era – where blockchain technology not only coexists but also integrates directly with the traditional banking system.