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).

The OCC's Comptroller, Jonathan Gould, has stated that he believes it is better for crypto activities to be conducted within the banking system, as long as it can be done safely. This crypto-friendly stance from the administration has opened the door for a flood of applications, with 12 trust charter requests so far in 2025, more than in the previous eight years combined.

However, the banking industry is pushing back, with lobby groups like the Bank Policy Institute and the Independent Community Bankers of America arguing that approving these applications could threaten the stability of the financial system. They claim the crypto firms want to compete for customers without the same regulatory oversight as traditional banks.

The crypto companies, on the other hand, say that increased regulation is the point, as it will help them market their services to Wall Street firms that want to offer crypto products but prefer to partner with regulated entities. They aim to provide fiduciary services for digital assets and issue stablecoins, a type of cryptocurrency designed to maintain a fixed value.

The fight over these charters is also tied to deeper anxieties among banks about the potential impact of stablecoins. If stablecoins become popular with consumers, major retailers like Amazon and Walmart could use them to provide their own payment methods or other banking services, potentially cutting out banks and credit card companies.