OCC Finalizes Rule Clarifying Digital Asset Custody for National Trust Banks
On February 27, 2026, the OCC finalized a rule clarifying the scope of permissible non-fiduciary activities for national trust banks, explicitly addressing digital asset custody services. The rule supports fintech and crypto firms that have applied for or received national trust bank charters by providing clearer guidance on allowable operations without imposing moratoriums on new applications. This regulatory clarity comes amid a wave of conditional national trust bank approvals the OCC has granted to crypto-focused entities since December 2025, including Ripple, Circle, BitGo, Fidelity Digital Assets, Paxos, and a renewed conditional approval for Protego.
The finalization is expected to encourage further de novo charter applications from digital asset firms seeking a regulated banking framework. It also intersects with the proposed GENIUS Act rules, for which comments are due May 1, 2026, potentially influencing the future regulatory landscape for fintech charters. The rule reinforces the OCC's increasingly accommodative posture toward digital finance innovation within the national banking system.
- Clearer regulatory framework for digital asset custody could accelerate crypto firms embedding banking services directly rather than relying on BaaS intermediaries
- National trust bank charters with crypto-permissive rules may create a new competitive tier of BaaS infrastructure providers with direct regulatory standing