Crypto.com’s Parent Company Receives Conditional Approval from the OCC
The Office of the Comptroller of the Currency (OCC) has conditionally approved a national trust bank charter for Foris DAX, the parent company of Crypto.com. This approval signifies a significant milestone in the cryptocurrency industry and the increasing acceptance of digital assets by regulatory bodies.
Implications of the Approval
According to the OCC approval filing, Foris DAX intends to operate as Crypto.com National Trust Bank under its wholly owned subsidiary, Foris Holdings. This approval is a major move towards meeting the needs of leading institutions for a one-stop-shop qualified custodian under a gold standard of federal oversight, as stated by Crypto.com co-founder and CEO Kris Marszalek.
However, this approval is conditional, and full approval will be granted once the company meets the conditions outlined by the OCC. The application for the charter was originally filed by Foris DAX in October 2025.
Political Donations and Pending Applications
In addition to its application, Foris DAX made significant donations to the political action committee MAGA, Inc., as noted in Federal Election Committee receipt filings. However, Crypto.com has not issued any comments on these donations.
Several crypto firms, including Coinbase and World Liberty Financial, have pending charter applications with the OCC. Global payments company Payoneer also recently announced its application for a national trust bank charter.
A “Now-or-Never” Moment for Crypto Firms
In a recently published fintech report, Pitchbook senior analyst Rudy Yang remarked that fintechs and crypto firms are experiencing a “now-or-never moment” of regulatory receptivity under the current administration. The approval of national trust bank charters allows digital asset firms to conduct non-fiduciary activities under interpretive letter 1176, authored in 2021 by now-Comptroller of the Currency Jonathan Gould.
Impact on Crypto.com’s Operations
The conditional approval will not impact Crypto.com’s status as a qualified custodian regulated by the New Hampshire Banking Department. Crypto.com has also recently partnered with Stripe, a payments fintech, enabling merchants to accept payments from crypto holdings.
Despite these advancements, Crypto.com faces legal challenges, most notably from the Nevada Gaming Control Board (NGCB) over its sports event contracts. Commodities and Futures Trading Commission Chairman Michael Selig publicly backed Crypto.com, stating in an op-ed that the CFTC will not tolerate state governments undermining the agency’s jurisdiction over these markets.
These developments highlight the evolving landscape of the cryptocurrency industry and its increasing integration into mainstream financial systems. As the regulatory environment continues to adapt, it will be interesting to observe the impact on crypto firms and their operations.
Source: Here
