Crypto. com Gains New Banking License Under U. S. Rules

A crypto company has earned a conditional green light from the federal banking regulator to operate as a national trust bank. The approval lets it hold digital assets, manage staking and settle trades under federal oversight.

Crypto.com’s new charter
Called Foris Dax National Trust Bank, it could become a trusted custodian for major institutions once the final approval is granted.

Context

• The move follows a trend where several crypto firms—Circle, Ripple, Paxos and others—have also received similar conditional approvals.
• The push began after the Office of the Comptroller of the Currency (OCC) said banks can hold crypto for customers.
• Lawmakers signed the GENIUS Act to regulate stablecoins.

Mixed Reactions

• Traditional banks are asking for a slower pace and more clarity in the approval process, insisting safety standards must be solid.
• The American Bankers Association wants greater transparency from the OCC.

Regulatory Landscape

• A new bill, the Clarity Act, would set rules for crypto markets and stablecoin returns.
• The stablecoin market is now worth about $309 billion, illustrating the sector’s growth.