EDX Markets, the cryptocurrency exchange backed by Citadel Securities, has applied to the U.S. Office of the Comptroller of the Currency (OCC) for a national trust bank charter, according to a public filing. The bid aims to position EDX to serve large financial institutions by operating under a single federal framework rather than a patchwork of state licenses.
EDX Targets Institutional Growth With OCC Trust Charter
EDX’s chief executive, Tony Acuña-Rohter, who is slated to join the proposed trust’s board, told Bloomberg the exchange expects major banks to drive the next phase of crypto adoption and that an OCC trust charter would offer a competitive advantage in servicing them.
The application underscores EDX’s strategy to expand institutional-grade services. A national trust bank charter would allow the firm to conduct custody, settlement, and fiduciary activities for digital assets under a single federal regulator, facilitating operations across state lines.
Rationale: Separating Key Functions to Reduce Risks
In its filing, EDX argued that many digital-asset venues consolidate brokerage, exchange, market-making, and custody within vertically integrated businesses, creating potential conflicts of interest and single points of failure. The company said moving custody, asset management, and trade settlement into an OCC-chartered national trust bank would provide customers with a more robust supervisory framework and align crypto market infrastructure with the separation of duties common in equities and derivatives markets.
Regulatory Backdrop and Industry Debate
The application comes amid perceptions that federal regulators under the current administration are more receptive to crypto firms pursuing national charters. Several digital-asset companies have sought similar approvals in recent months, with some receiving conditional green lights.
However, traditional banking groups have raised concerns about expanding trust-bank charters to crypto-focused firms. Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America, has warned that conditional approvals could heighten consumer risks and create entities that are difficult for the OCC to supervise effectively. She also argued the framework may enable stablecoin issuers to access the federal banking system without meeting the capital and regulatory standards required of full-service, deposit-taking banks.
OCC leadership has defended bringing new entrants into the federal banking system, contending that broader participation can introduce innovative products, enhance competition, and ultimately benefit consumers and the wider financial sector.
What’s Next
The OCC’s review process can result in approval, conditional approval, or denial, and timelines vary. If approved, EDX’s national trust bank could accelerate the exchange’s push into institutional custody and settlement services, while the broader policy debate over the scope of trust charters for crypto firms is likely to continue.