OCC grants conditional approval to OpenReserve for a blockchain-native national bank charter.
Regulation & Gov ·
The Office of the Comptroller of the Currency has granted conditional approval to OpenReserve to establish a blockchain-native national bank charter, positioning the firm to operate as a federally regulated custodian. The OCC, an independent bureau within the Treasury Department, wields authority over roughly 1,200 federally chartered institutions and has become the primary pathway for digital-asset companies seeking regulatory standing within the U.S. banking infrastructure.
A national trust charter permits its holder to function as a fiduciary managing assets and conducting custody operations across all fifty states, though it does not extend to deposit-taking, which requires a separate commercial bank charter and FDIC insurance. For cryptocurrency firms navigating a fragmented landscape of state-by-state licensing regimes, a federal charter from the OCC delivers both legal preemption and institutional credibility—many institutional clients including hedge funds and registered investment advisers restrict asset placements to custodians with recognized federal oversight. The OCC's conditional approval signals that OpenReserve has met preliminary standards but remains subject to additional requirements before final certification.
The specifics of OpenReserve's pending conditions and the expected timeline to full charter status remain undisclosed in available reporting.