OCC Approves BitGo, Fidelity for National Trust Bank Status
- OCC approves BitGo and Fidelity for national trust bank conversion.
- Operational focus on crypto fiduciary activities.
- Strengthens oversight and compliance with federal regulations.
The US Office of the Comptroller of the Currency conditionally approved BitGo’s conversion to a national trust bank on December 12, 2025, affecting Bitcoin BTC -0.22% and other digital asset custody operations.
This approval aligns digital asset entities with federal oversight, enhancing legal compliance and potentially increasing institutional trust in cryptocurrencies, though immediate market reactions are not specified.
The US Office of the Comptroller of the Currency approved BitGo Trust Company’s conversion to a national trust bank. This change follows a similar path for Fidelity Digital Assets and focuses on expanding digital asset services.
Key players involved include BitGo Trust Company and Fidelity Digital Assets, both gaining approval for this significant status change. These actions enable a stronger foothold in the federal regulatory landscape, aligning with existing compliance frameworks.
The approvals allow companies to enhance their crypto asset and fiduciary services. Such changes aim to integrate their operations with national regulations, impacting the broader digital finance sector.
This regulatory action addresses potential challenges regarding stablecoin reserve asset management under federal scrutiny. The firms can now expand their custody and fiduciary services, bridging traditional and digital finance realms.
This decision underscores a shift towards more regulated crypto firms, potentially influencing future sector policies. These developments could offer heightened oversight and compliance confidence for stakeholders.
This move by the OCC could lead to further financial and regulatory developments in digital assets. The approvals may pave the way for other crypto firms seeking federal trust charters, impacting market dynamics significantly.
“Our approval marks an essential step in integrating traditional finance with digital asset management,” said Abigail Johnson, CEO of Fidelity Digital Assets.
