The American Bankers Association (ABA) has urged the U.S. Office of the Comptroller of the Currency (OCC) to pause approvals of new national trust bank charters for cryptocurrency and stablecoin-focused firms until the federal framework referred to as the GENIUS Act is finalized and implemented.
ABA calls for a pause on crypto trust charters
In its request, the ABA pressed the OCC to delay issuing additional national trust bank charters to companies engaged in digital-asset custody and stablecoin activities. The trade group argued that waiting for the GENIUS Act framework to be clarified would help ensure consistent supervisory standards and consumer protections across federally supervised entities.
What a national trust bank charter enables
The OCC charters and supervises national banks and limited-purpose national trust banks. A national trust bank charter allows an institution to provide fiduciary and custody services on a nationwide basis without taking deposits, bringing the firm under direct federal oversight by the OCC. Crypto and stablecoin firms have pursued such charters to offer custody, settlement, and related services under a unified federal framework rather than a patchwork of state regimes.
Why the timing matters for stablecoins and custody
Stablecoin issuers and crypto custodians are seeking clearer rules around reserves, risk management, and supervision. The ABA’s position reflects longstanding industry and regulatory concerns about a level playing field and the need for uniform standards before further expanding federal charters to digital-asset firms. Aligning new charters with the pending GENIUS Act could reduce regulatory uncertainty and mitigate the risk of inconsistent oversight.
What’s next
The OCC has not indicated whether it will adopt a formal pause. The pace of new charters may hinge on the timing and scope of the GENIUS Act’s implementation and how it coordinates with existing bank regulatory guidance on digital-asset activities. Until then, firms seeking national trust bank status may face longer timelines or additional scrutiny as federal standards continue to evolve.