Crypto companies can become banks, acting US Comptroller states

US Comptroller of the Currency, Brian Brooks, has shown another way of obtaining a charter to be used by US crypto-custodial providers as federally approved banks. Speaking with media recently, Brooks pointed out three methods for payment companies to become a federally chartered bank. The first method is to create a national charter application to be a non-depository bank, and other options are to purchase an agency or apply for a charter to be a national trust bank.

Brooks also revealed that the Office of the Currency Comptroller, or OCC, was working to give trust firms the opportunity to become banks. Corporations working as state-issued trust firms currently include Anchorage, Coinbase Custody, and Gemini, according to Brooks. The agent said the OCC had charters for a range of applications from crypto-companies. In July, Brooks announced that the OCC will allow federally chartered banks to offer cryptocurrency custody services.

Brooks stated,

“That’s where we see payments companies coming in the next couple of months. The magic non-depository payments charter — we don’t have that yet but are ready to do it — on the others, yes absolutely, we granted one charter and will have more shortly.”

This comment was made the same day that President Donald Trump declared his intention to make Brooks the Acting Currency Comptroller.