Crypto.com Seeks National Bank Charter Amid Regulatory Shift

Crypto.com’s application to the Office of the Currency Comptroller places the Singapore-based exchange in direct competition with other major crypto firms seeking federal banking status. The company joins a growing list of applicants including USDC issuer Circle, crypto exchange Coinbase, and Bridge, the stablecoin arm of private payments company Stripe. This trend gained momentum earlier this year when the OCC explicitly granted banks permission to buy, sell, and manage cryptocurrency assets in their custody, creating a regulatory pathway for crypto companies to operate as traditional financial institutions.

The significance of this regulatory shift became particularly evident this month when Peter Thiel-backed crypto bank Erebor became the first company to earn a conditional federal charter under the new framework, making it only the second crypto firm ever to achieve this status after Anchorage Digital. Crypto.com CEO Kris Marszalek emphasized the strategic importance of this move, stating that ‘building the Crypto.com product and service portfolio through regulated and secure offerings has been our focus since day one.’ The company explicitly stated that approval would strengthen its position as the ‘custody service destination of choice’ in the competitive digital asset marketplace.

Parallel developments at the Federal Reserve are creating additional opportunities for crypto institutions seeking banking access. Federal Reserve Governor Christopher Waller revealed this week that the central bank is exploring the issuance of ‘skinny master accounts’ on an expedited timeline for firms that haven’t been able to secure full banking privileges. Master accounts, which are typically managed by federally chartered banks, provide direct access to the Federal Reserve system and enable direct payment capabilities—infrastructure that has historically been inaccessible to most crypto companies.

These proposed ‘skinny’ accounts would come with certain limitations, excluding privileges such as interest payments on account balances and overdraft protection. However, they would represent a crucial stepping stone for crypto firms seeking to integrate more fully with the traditional financial system. This development is particularly significant given that crypto institutions have historically attempted but failed to obtain full master accounts, creating operational challenges for companies dealing with assets like BTC and ETH that require robust banking infrastructure.

Crypto.com’s charter application forms part of a broader strategic push toward regulatory compliance and institutional acceptance. The company recently relaunched its institutional exchange amid renewed crypto regulatory optimism in the United States, particularly with the potential return of the Trump administration, which has historically taken a more favorable stance toward cryptocurrency innovation. This institutional focus aligns with the company’s ambition to serve both retail and professional traders seeking exposure to major cryptocurrencies including CRO, USDC, BTC, and ETH.

However, the company’s expansion efforts have encountered some regulatory headwinds. Earlier this month, a Nevada judge ruled against Crypto.com’s injunction request related to its operations in prediction markets, demonstrating the ongoing regulatory challenges facing crypto companies even as broader acceptance grows. Despite this setback, the national trust charter application represents a significant commitment to operating within established regulatory frameworks and could provide Crypto.com with competitive advantages in custody services and banking relationships.

The convergence of these developments—from OCC charter approvals to Federal Reserve banking access discussions—signals a maturing regulatory landscape for cryptocurrency in the United States. As Marszalek noted, the company looks forward to ‘continuing to pursue opportunities to provide customers with the trusted services they require,’ suggesting that federal banking status represents just one component of Crypto.com’s broader strategy to bridge traditional finance and digital assets through regulated, secure offerings.