What is Ripple seeking to do?

Ripple, a cryptocurrency company, is seeking to start its own bank by applying for a national trust charter.

How are regulators responding to crypto firms' banking ambitions?

Trump-appointed regulators, such as the Comptroller of the Currency, are welcoming the crypto industry's efforts to become part of the traditional banking system.

What concerns do banking lobby groups have about the crypto firms' applications?

Banking lobby groups argue that approving the flood of applications from crypto firms could threaten the stability of the financial system, as the crypto firms want to compete for customers without the same regulatory oversight as traditional banks.

Home / Business and Economy / Crypto Firms Seek Banking Charters as Regulators Embrace New Payment Systems

Crypto Firms Seek Banking Charters as Regulators Embrace New Payment Systems

14 Nov

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Summary

Crypto firms like Ripple, Coinbase, and Wise apply for trust charters
Trump-appointed regulators are welcoming crypto companies' efforts to become banks
Concerns raised by banking lobby groups about risks to financial stability

Crypto Firms Seek Banking Charters as Regulators Embrace New Payment Systems

As of November 2025, the cryptocurrency industry is making a concerted push to become part of the traditional banking system. Ripple, Coinbase, and the U.K. payments company Wise are among the crypto firms that have applied for national trust charters, which allow them to offer certain banking services without taking deposits or making loans.

This shift comes after a year in which Ripple's CEO, Brad Garlinghouse, had publicly criticized banks for shutting out his industry. Now, Ripple and others are seeking regulatory approval to start their own banks, a move that is being welcomed by Trump-appointed officials at the Office of the Comptroller of the Currency (OCC).