What U.S. regulatory body granted conditional trust charters to five crypto firms in December 2025?

The U.S. regulatory body that granted conditional trust charters to five crypto firms in December 2025 was the Office of the Comptroller of the Currency, commonly known as the OCC. This significant move by the OCC on December 12, 2025, marked a notable step in the integration of digital assets into the traditional banking system.

The OCC conditionally approved national trust charter applications for five institutions: BitGo Bank & Trust, Fidelity Digital Assets, Paxos Trust Company, First National Digital Currency Bank (part of Circle Internet Group), and Ripple National Trust Bank. These national trust charters allow the firms to hold and manage customer assets, providing services like custody, settlement, and fiduciary functions for digital assets. However, it is important to note that these charters do not permit the firms to take deposits or engage in lending activities.

This decision by the OCC reflected a broader policy stance aimed at establishing U.S. leadership in digital assets and creating a more regulated environment for cryptocurrency firms. By granting these charters, the OCC demonstrated that crypto-focused business models could be accommodated within the national chartering framework, albeit subject to traditional charter conditions, ongoing supervision, and established safety and soundness standards. This action was seen as a crucial step toward federal regulation of cryptocurrency and stablecoin issuance, providing a pathway for these companies to operate under federal oversight rather than navigating a patchwork of state-level regulations.