News linked to both this project and an event.
According to TheEnergyMag, Galaxy Digital (GLXY) filed an application with the U.S. Office of the Comptroller of the Currency (OCC) on October 29, planning to establish a national trust bank in New York to provide fiduciary investment advisory and digital asset services. The move aims to integrate the company's business operations under a federal regulatory framework.
Odaily reports: USAT is independently issued by Anchorage Digital Bank, N.A., with Tether providing technology and supporting branding, strategy, and distribution. Anchorage's disclosure states that Tether is not the issuer of USAT and has no obligation to redeem or guarantee the token; USAT and USDT are different products with different issuers and legal arrangements.Anchorage's terms only allow approved customers to directly mint or redeem USAT, while other holders typically need to trade through exchanges or the secondary market. Its August 31, 2026 reserve report shows approximately 175.7 million redeemable USAT in circulation, corresponding to approximately $176.4 million in reserve assets.The GENIUS Act took effect on July 18, 2025, with its main issuance framework set to be implemented on January 18, 2027. The U.S. Office of the Comptroller of the Currency (OCC) published the main implementing rules on October 21, 2026; as of October 27, the OCC had not yet initiated the application process, and public materials do not indicate that USAT has obtained issuance approval under the Act. (Bitcoin.com News)
Ripple CEO Brad Garlinghouse announced that the US Office of the Comptroller of the Currency (OCC) has officially approved applications related to Ripple National Trust Bank. This approval will provide Ripple with a platform to operate under the federal regulatory framework, allowing it to support its US dollar stablecoin RLUSD and offer digital asset custody services to corporate clients. Garlinghouse stated that this move reflects the integration of the crypto industry with the traditional banking system, emphasizing the importance of innovation, accountability, and federal oversight.
Odaily reports: The U.S. Office of the Comptroller of the Currency (OCC) is encouraging community banks to develop payment stablecoin businesses and to consider applying to become approved payment stablecoin issuers. Last week, the OCC finalized rules related to the GENIUS Act, which will take effect in January next year.The initiative comes as several banking groups oppose the OCC's proposed rules on stablecoin yields, arguing that they deviate from the congressional legislative intent of the GENIUS Act. Earlier this month, the Independent Community Bankers of America sued the OCC, alleging that crypto companies are not subject to the same regulatory requirements and therefore have an advantage over community banks. (Cointelegraph)
Odaily reports: The U.S. Office of the Comptroller of the Currency (OCC) has finalized implementation rules for the GENIUS Act, applicable to permitted payment stablecoin issuers, foreign issuers under OCC jurisdiction, and certain custodial activities of regulated entities, covering reserve backing, redemption, and risk management. Treasury Secretary Scott Bessent called the legislation a "watershed moment for American finance," likening it to the National Currency Act of 1863. The final rules did not incorporate Bank Secrecy Act, anti-money laundering, or OFAC sanctions provisions; these matters will be addressed through subsequent rules coordinated with the Treasury Department. The GENIUS Act was signed into law in July 2025, and regulators failed to finalize rules before the July 18, 2026 deadline; the Federal Reserve proposed two related rules in September 2026. Both the GENIUS Act and the OCC's final rules are set to take effect on January 18, 2027, and the OCC has not yet announced a timeline for accepting issuer applications and exemption requests.
Odaily reports: The U.S. Office of the Comptroller of the Currency (OCC) has issued the final stablecoin rule under the GENIUS Act, set to take effect on January 18, 2027. The rule removes the clause that automatically extended the redemption period to 7 calendar days once demand exceeded a threshold, and defines "prompt redemption" as the issuer initiating payment or crediting the issuer's account upon request; bank settlement is a separate subsequent step. The general processing deadline for eligible redemption requests is capped at 2 business days, excluding weekends and federal holidays; when redemption requests for a single brand exceed 10% of its circulating supply within 24 hours, the issuer must notify the OCC supervisory office within 24 hours, with the regulator having discretion over whether to extend the processing time, and issuers may not delay redemptions citing onboarding process deficiencies. The revised confidential PS-01 report will track unpaid tokens, average redemption duration, and redemption amounts exceeding 2 business days; the first weekly and quarterly reports are due on January 25 and March 31, 2027, respectively, both pending OMB approval.
Odaily reports: Bessent posted on X that the GENIUS Act is a watershed moment for the U.S. financial sector, further cementing the United States' position as the global crypto hub. He noted that just as President Lincoln's National Currency Act of 1863 established a national framework for banks issuing currency, the GENIUS Act establishes a federal framework for payment stablecoins in the digital age. Bessent stated that the Office of the Comptroller of the Currency (OCC)'s final rule advances the implementation of the Act, providing a clear and pragmatic foundation for private-sector innovation, competition, and U.S. leadership in digital assets.
Odaily reports: Robinhood's venture capital fund Robinhood Ventures Fund I (NYSE: RVI) has announced that it has spent $30 million to purchase preferred shares of Erebor Bank, National Association, a U.S. bank. Erebor is a U.S. nationally chartered bank focused on the innovation economy, serving sectors including defense, robotics, artificial intelligence, and hard tech. The bank obtained a national bank charter from the U.S. Office of the Comptroller of the Currency (OCC) and federal deposit insurance in February 2026, and its deposits have now exceeded $7 billion.Erebor was founded in 2025, co-founded by Palmer Luckey and others, and is backed by institutions including Valor Equity Partners, Lux Capital, and 8VC. RVI is the first fund under Robinhood Ventures and listed on the New York Stock Exchange in March 2026, primarily providing investors with exposure to private company equity by investing in private companies. (fxnewsgroup)
the U.S. Office of the Comptroller of the Currency (OCC) has published the final rules implementing the GENIUS Act, becoming the first regulatory agency to finalize stablecoin implementation rules under the legislation. The rules will take effect on January 18, 2027, providing an access pathway for banks and non-bank enterprises to engage in payment stablecoin business, and establishing standards for foreign stablecoin issuers and asset custody.Regarding stablecoin rewards, the final rules remove the presumption clause in the draft proposal that certain commercial arrangements between issuers and third parties may constitute a violation, but the statutory prohibition on issuers paying interest directly to stablecoin holders remains in effect. The OCC will review issuer-third party relationships on a case-by-case basis and may take enforcement action against conduct that circumvents the Act.
Odaily reports: The GENIUS Act took effect on July 18, 2025, with the general applicability date being 18 months after enactment, or 120 days after the primary federal payment stablecoin regulator issues final implementing rules, whichever is earlier. The U.S. Treasury Department expects the general effective date to be January 18, 2027, with certain issuance and sales restrictions taking effect on July 18, 2028.The Office of the Comptroller of the Currency (OCC) published its primary implementation proposal in February 2026, and the Federal Reserve proposed rules on September 24, 2026 covering regulated issuers, reserves, capital, risk management, custody, and application procedures. An interim final rule effective September 30, 2026 has established the forms and procedures for certification of state regulatory regimes.Stablecoin issuers need to assess approval, prudential supervision, reserve, and redemption requirements; distributors and intermediaries need to analyze exchange, transfer, custody, and related financial services obligations. Companies holding stablecoins also need to review redemption channels, reserve arrangements, custody, freezing, and counterparty risks, and those accepting stablecoin payments need to distinguish between receiving payments for their own goods or services and transferring funds on behalf of others.Prospective issuers may choose the path of an approved subsidiary of an insured depository institution, a federal qualified issuer, or a state qualified issuer; state qualified issuers that meet the conditions and have outstanding issuance of no more than $10 billion may opt for state supervision. Payment stablecoin reserves must cover outstanding tokens at least one-to-one, and companies also need to map out fund flows, customer rights, compliance responsibilities, and product yield arrangements. Relevant issuers may not pay interest or yield solely by virtue of holding, using, or retaining payment stablecoins. (Bitcoin.com News)
According to Bloomberg, fintech company Ramp has filed an application with the U.S. Office of the Comptroller of the Currency (OCC) to establish Ramp National Trust Bank. Ramp announced on the X platform on Monday that it had submitted the application, becoming the latest fintech startup to enter the banking sector. The report did not disclose the trust bank's specific business scope or estimated approval timeline.
Fintech company Ramp stated that it submitted an application to the Office of the Comptroller of the Currency (OCC) on October 16 to establish Ramp National Trust Bank. If approved, the trust bank charter will allow it to provide fiduciary investment management and digital asset custody services, bringing it under a unified federal regulatory framework. Additionally, the proposed entity will not engage in accepting deposits or making commercial loans.
A working paper from the Bank for International Settlements (BIS), based on weekly U.S. data from January 2019 to June 2025, found that when bank deposit rates rise, the growth rate of the stablecoin market slows. The paper's authors include BIS economist Iñaki Aldasoro and Rashad Ahmed of the Andersen Institute for Finance and Economics.In the sample, stablecoin market capitalization grew by about 15% over a typical 10-week period. Baseline estimates show that after a one-basis-point increase in deposit rates, that growth rate falls to about 12%; an alternative method used to identify causality shows the growth rate falling to about 6%, though the stablecoin market still continued to grow.The correlation is stronger for Circle-issued USDC than for Tether-issued USDT, which the authors attribute to USDC's closer ties to U.S. users. The paper notes that banks can influence the pace of stablecoin adoption through deposit pricing, and recommends that regulators assess whether stablecoin issuers should be allowed to pay yield to holders and whether issuers should be required to hold a portion of their reserves in bank deposits.The working paper represents only the views of the authors and does not necessarily reflect the position of the BIS; the sample covers a single high-interest-rate cycle, during which stablecoins paid no interest to holders. The U.S. Treasury, the Office of the Comptroller of the Currency (OCC), and the Federal Deposit Insurance Corporation (FDIC) are drafting implementation rules for the GENIUS Act, which takes effect next January and sets out rules for the issuance, use, and custody of stablecoins. (Decrypt)
Fox Business crypto journalist posted on X platform that Jonathan Gould, head of the U.S. Office of the Comptroller of the Currency, stated that the OCC's final rule implementing the GENIUS Act is expected to be released "very soon," no later than the end of October. Jonathan Gould made these remarks at the Milken Institute's "Building the New Digital Economy" event, which was held alongside DC Fintech Week.
According to Cointelegraph, the U.S. Office of the Comptroller of the Currency (OCC) has released a report on debanking, noting that some banks maintain "public and non-public policies" that restrict financial services for industries such as digital assets, oil and natural gas, tobacco, and firearms. The report states that many financial institutions typically impose restrictions on digital asset-related businesses due to concerns over financial crime risks, affecting issuers, exchanges, and administrators.
Odaily News: The U.S. Office of the Comptroller of the Currency (OCC) has released a report on "debanking," stating that some banks have used public and non-public policies to restrict financial services for multiple industries, including crude oil, natural gas, tobacco, firearms, and digital assets. The report notes that some institutions restricted digital asset businesses, including issuers, exchanges, and managers, often citing financial crime concerns as the reason.The OCC stated that the report was prepared in accordance with an executive order signed by Donald Trump in August 2025, which aims to prevent what it calls "illegal debanking." The report reviewed 9 major banks but did not list specific cases related to digital asset businesses, nor did it comprehensively quantify the scope of debanking or related allegations.OCC head Jonathan Gould said that some debanking decisions related to coal and firearms were not based on financial risk, with banks citing reputational risks from negative news, public protests, and support for related industries. In November 2024, more than 30 tech and crypto industry executives said they were unable to access banking services. (Cointelegraph)
crypto journalist Eleanor Terrett posted on X platform, noting that a review by the U.S. Office of the Comptroller of the Currency (OCC) found that the nine largest national banks in the United States all employ reputation risk policies to varying degrees, allowing political factors, public opinion, and social pressure to potentially influence which customers banks decide can access financial services.Terrett cited OCC Comptroller Jonathan Gould's remarks at a press conference, stating that coal and firearms industry businesses are among the groups most affected, and cryptocurrency firms have also been mentioned in reports. The report calls on the U.S. Congress to take measures to prevent financial institutions from denying banking services based on political factors.
According to Bloomberg, a recent report by the Office of the Comptroller of the Currency (OCC) indicates that between 2020 and September 2025, nine major banks—JPMorgan Chase, Bank of America, Citigroup, Wells Fargo, U.S. Bank, Capital One Financial, PNC Financial, Toronto-Dominion Bank, and Bank of Montreal—restricted certain customers from using banking services or required them to undergo more rigorous vetting and approval processes through related policies, a practice known as "debanking." On Wednesday, the Consumer Financial Protection Bureau (CFPB) also stated that it would thoroughly investigate whether the banks named in the report complied with federal consumer financial laws and take appropriate action accordingly.
According to Crowdfund Insider, the Independent Community Bankers of America (ICBA) filed a lawsuit on October 2 in the U.S. District Court for the District of Columbia, accusing the Office of the Comptroller of the Currency (OCC) of relaxing national bank charter rules, thereby allowing cryptocurrency companies to enter the banking system without assuming the same regulatory obligations as traditional banks. The ICBA is seeking a court order to vacate the OCC's National Bank Charter Rules issued in March 2026 and related prior interpretive documents, and to invalidate the conditional national trust bank charter granted to digital asset custody firm Protego Holdings. The complaint states that the current U.S. administration has approved or conditionally approved 21 national trust banks, with at least 13 being cryptocurrency enterprises. ICBA argues that these institutions do not need to comply with certain regulatory requirements applicable to traditional banks, such as capital, liquidity, and deposit insurance mandates, yet are permitted to operate nationwide using a federal charter, creating unfair competition. The ICBA also warned that some crypto trust banks lack adequate risk management and independent oversight mechanisms, potentially posing risks to the financial system. The OCC has currently declined to comment on the lawsuit.
According to Cointelegraph, stablecoin payment infrastructure provider Rain has filed an application with the Office of the Comptroller of the Currency (OCC) to establish Rain National Trust Bank in New York. If approved, the bank will provide fiduciary custody services for digital assets and U.S. dollars to institutional clients, manage reserve assets for eligible stablecoin issuers, and issue and redeem USD stablecoins in accordance with the GENIUS Act. This application arrives as U.S. community banks mount legal challenges against crypto trust bank charters. The Independent Community Bankers of America (ICBA) recently sued the OCC, seeking to overturn the relevant charter regulations and block the agency from continuing to approve new national trust banks under this framework.