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OCC grants conditional approvals for five crypto firms to start trust banks

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Photo: Peter Dazeley/Getty Images

Vlada Gurvich

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Upon meeting the OCC’s conditions, the national trust bank charters would pave the way for large crypto companies to manage and hold assets on behalf of customers.

In an important pivot toward embracing cryptocurrencies, the Office of the Comptroller of the Currency (OCC) approved five national trust bank applications: conditional approval for de novo national trust bank charters for First National Digital Currency Bank (Circle) and Ripple National Trust Bank, as well as conditional approval to convert

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