On Tuesday (August 12), the Office of the Comptroller of the Currency announced it is actively reviving de novo bank chartering for crypto companies, with 40 applications received over the past 18 months—compared to fewer than four per year during 2011–2014. Comptroller Jonathan V. Gould said entities engaging in legally permissible activities, including those involving digital assets, should have a path to becoming a national bank.
Erebor Bank, backed by Founders Fund investors, became the first full-service national bank to receive final approval and open in five years. Crypto firms Ripple, Circle, Crypto.com, and Paxos have received conditional approval; Coinbase's application remains under review.
