According to Eleanor Terrett, major cryptocurrency companies, including Fidelity Digital Assets and Circle, have applied for national bank charters that would let them operate across the U.S. without state-by-state licenses.
JUST IN: 🇺🇸 Multiple crypto firms, including Fidelity Digital Assets, have applied for national bank charters [@EleanorTerrett]
— Bitcoin Archive (@BTC_Archive) June 30, 2025
This surge in applications comes as the industry anticipates friendlier oversight under Jonathan Gould, the Trump administration’s pick to lead the Office of the Comptroller of the Currency (OCC).
The filing comes after Biden’s previous hostile administration against crypto innovations, when only one crypto firm, Anchorage, has received a national bank charter since 2021.
If approved, these charters could dramatically expand crypto companies’ services while bringing them under stricter federal banking regulations.
What is a National Bank Charter
A national bank charter is a federal license that allows financial companies to operate across the U.S. without needing separate state approvals. It is issued by the Office of the Comptroller of the Currency (OCC) and comes with strict rules but gives big benefits.
For crypto firms, this means they could serve customers nationwide under one set of regulations instead of dealing with 50 different state laws.
Getting a national charter would help crypto companies in many ways. First, they would not need money transmitter licenses in each state, saving time and legal costs.
Second, they could provide more services like traditional banks, including potentially FDIC-insured accounts. Third, it would give them access to critical banking infrastructure like the Federal Reserve’s payment systems. This will make crypto services more stable and trustworthy for everyday users.
Chartered banks must follow strict capital requirements and face regular audits. That is why only well-funded crypto firms like Fidelity are applying. If approved, these charters could blur the line between companies and traditional banks. It will pave the way for mainstream adoption.
It represents crypto’s push for legitimacy after years of operating in a regulatory gray area.
After Donald Trump was sworn in as president for his second term, legislative efforts to form crypto regulations have been intensified. Donald Trump’s pro-crypto administration is working actively to pass landmark bills, like the GENIUS Act and CLARITY Act. This will help the U.S. government establish clear and transparent crypto regulations, aiming to remove long-standing regulatory ambiguities.
On June 17, 2025, the U.S. Senate passed the Guiding and Establishing National Innovation for US Stablecoins (“GENIUS”) Act with a bipartisan vote of 68-30, representing the first instance of either congressional chamber approving comprehensive legislation focused solely on regulating payment stablecoins.
“The GENIUS Act will protect consumers, enable responsible innovation, and safeguard the dominance of the U.S. dollar,” said Sen. Kirsten Gillibrand, D-N.Y.
Also Read: Trump Allies Block Anti-Crypto Corruption Bill: Merkley
