Modern Treasury Seeks National Trust Charter from OCC Amid Legal Pushback
What happened
Modern Treasury National Trust Bank is seeking a national trust charter from the Office of the Comptroller of the Currency (OCC) to operate as a federally regulated entity. The application is reportedly facing legal challenges regarding the company's crypto scrutiny. If approved, the bank would offer a unified custody solution combining digital asset and custody services with its existing payments and settlement capabilities.
From pymnts.com
Why it matters
The proposed bank would allow customers to custody and move fiat and stablecoins, though it would not issue stablecoins or make loans. The company stated that pursuing this charter would add direct federally supervised digital asset custody to the infrastructure its customers already utilize.
From pymnts.com
Who's involved
- Office of the Comptroller of the CurrencyThe OCC is the body whose approval is required for the company to operate as a national trust bank.
Who could feel it
Possible knock-on effectsThese are possibilities Brind reasoned out, not predictions, and not advice. Most are not stated in any report.
- BLOCKSpeculative
The company could gain a platform to offer federally supervised digital asset custody and related services to its customers.
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The entities involved
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Office of the Comptroller of the Currency
American federal government organization
Related events
- BLOCK applied to the OCC for a national trust bank charter to allow custody of Bitcoin and stablecoins.
- The Office of the Comptroller of the Currency is actively involved in the regulatory landscape of crypto firms, challenging and granting national trust bank charters for crypto activities.
- Ripple is seeking conditional federal charter approval from the Office of the Comptroller of the Currency.