EDX Markets Files for OCC Trust Charter
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- EDX Markets Holding Company applied for an OCC trust bank charter to custody digital assets, joining a crowded queue of crypto firms seeking federal oversight for institutional services.
- Zerohash applied earlier this month for a US national trust bank charter to expand its stablecoin and custody services for banks, brokerages, and fintechs.
- Coinbase applied in October and is still awaiting a decision, while Laser Digital and Payoneer filed earlier this year to expand custody and stablecoin-related payment services.
- Morgan Stanley applied in February for a de novo trust bank charter to support digital asset services through a separate entity, marking a traditional finance entrant.
- The OCC issued conditional licenses last month to Bridge, Stripe, and Crypto.com, following December approvals for Ripple Labs, Circle Internet Group, Fidelity Digital Assets, Paxos, and BitGo.
- The American Bankers Association urged the OCC in February to slow the approval pace, citing unresolved oversight under pending US stablecoin legislation.
Why it matters: At least five crypto and fintech applicants (EDX, Zerohash, Coinbase, Laser Digital, Payoneer) are now waiting on OCC decisions, while the American Bankers Association is publicly pressing the agency to slow down — creating a regulatory bottleneck that could delay institutional crypto custody rollouts and leave applicants in limbo until stablecoin legislation resolves.
