Can banks hold crypto? The OCC and trust charters

Yes. US banks may hold crypto for customers, and in 2025 federal regulators removed earlier requirements that had slowed them down. The larger change runs the other way: crypto companies are becoming banks of a limited kind, through national trust charters granted by the OCC. That policy is being challenged in court as of October 2026.

What is the OCC?

The Office of the Comptroller of the Currency is a bureau of the Treasury Department that charters and supervises national banks. A charter is the license to operate as a bank. Jonathan Gould is the Comptroller as of October 2026.

What can banks do with crypto?

In March 2025 the OCC confirmed that national banks may provide crypto custody, meaning safekeeping the private keys that control customers' coins. It also confirmed certain stablecoin activities, and dropped a requirement that banks get a supervisor's sign-off first. The Federal Reserve withdrew its own crypto guidance for banks in April 2025.

Permission is not the same as protection. Federal Deposit Insurance Corporation (FDIC) insurance covers dollars deposited at an insured bank if that bank fails. It does not cover crypto, as explained in Is crypto insured?

What is a national trust charter?

A national trust bank is a special-purpose bank limited to trust company work, such as holding assets on behalf of clients. The OCC supervises about 60 of them. They are typically not FDIC-insured, and they are not full-service banks.

For a crypto company, the appeal is one federal supervisor in place of state-by-state licenses. On December 12, 2025 the OCC conditionally approved five applications: new trust banks for Circle and Ripple, and conversions of state trust companies run by BitGo, Fidelity Digital Assets and Paxos. A rule that took effect on April 1, 2026 states that national trust banks may carry out non-fiduciary activities such as custody. Some of the firms plan to issue stablecoins under the GENIUS Act. New applications were still being filed in October 2026.

Why are community banks suing?

On October 2, 2026 the Independent Community Bankers of America sued the OCC in federal court in Washington. It argues that the agency went beyond the National Bank Act by chartering trust banks with large non-fiduciary crypto businesses. American Banker reported that the complaint counts 21 trust bank approvals under the current administration, at least 13 of them for crypto companies.

The bankers say crypto trust banks gain federal standing without the capital, liquidity and deposit-insurance requirements that ordinary banks face. Applicants say a charter puts custody and stablecoin operations under one federal examiner. The OCC said it does not comment on litigation.

No court has ruled. A decision against the OCC could put granted and pending charters in doubt.

Rules differ by country and state and change often. Check the regulator's website or a qualified professional for a specific case.