More than 15 crypto firms apply for bank licenses amid rule changes

Over 15 cryptocurrency companies have submitted applications for banking licenses with the Office of the Comptroller of the Currency (OCC), reflecting a shift in regulatory stance, according to recent reports.

The OCC oversees roughly 1,000 national banks and federal savings associations in the United States.

Among the applicants are firms such as Circle and Bitgo, which seek to integrate more closely with the traditional banking system.

This surge in applications follows an Interpretive Letter issued by the OCC in March 2025, which clarified that national banks and federal savings associations may engage in certain cryptocurrency activities, including crypto custody, stablecoin operations, and use of distributed ledger technology.

“Today’s action will reduce the burden on banks to engage in crypto-related activities and ensure that these bank activities are treated consistently by the OCC, regardless of the underlying technology,” Acting Comptroller Rodney E. Hood stated.

The letter encourages banks to apply the same risk management standards to crypto activities as they do to conventional banking functions.

The Federal Deposit Insurance Corporation (FDIC) has also updated its policies, allowing FDIC-supervised banks to conduct crypto activities without prior approval if they maintain adequate risk controls.

“With today’s action, the FDIC is turning the page on the flawed approach of the past three years,” commented Acting FDIC Chairman Travis Hill.

This policy affects over 5,000 banks under FDIC supervision.

“We took a pretty conservative and other banking regulators took an even more conservative perspective on the guidance and rules we imposed on banks. I think there’ll be some loosening of that,” stated Federal Reserve Chair Jerome Powell, recently indicating a shift toward a more open regulatory environment for crypto assets.

“The climate is changing and you’re moving into sort of more mainstreaming of that whole sector,” Powell added.