Zerohash resubmits narrower OCC trust charter bid after first rejection
Regulation & Gov ·
The crypto infrastructure firm has filed a second application for a national trust bank charter with a reduced scope, following the Office of the Comptroller of the Currency's earlier denial of its initial request.
Zerohash had previously sought a U.S. banking license, a bid that did not clear the OCC's review, according to an archived record of the filing. The new application trims the requested activities compared to the original submission, though the specific scope reduction has not been detailed publicly.
The OCC functions as the primary federal gatekeeper for crypto firms seeking a nationally recognized custody and trust framework, a role documented in background on the agency's charter authority. A national trust charter lets a firm act as fiduciary — holding and managing client assets — under continuous federal examination, but it does not grant deposit-taking powers, which would require a separate commercial bank charter and FDIC membership. For institutional clients such as hedge funds and broker-dealers whose compliance rules bar them from using custodians without a recognized regulatory home, that federal designation carries practical weight beyond prestige.
Zerohash's renewed effort comes amid a broader wave of trust charter activity at the OCC. EDX Markets, backed by Citadel, Schwab, and Fidelity, has filed for its own national trust bank charter. Circle has already secured final OCC approval to stand up Circle National Trust, adding federally regulated custody to its USDC infrastructure. World Liberty Financial is reported to be nearing an OCC trust charter that would let it issue USD1 directly, and Wise is preparing a fresh charter bid tied to the GENIUS Act. The OCC itself is working toward a November deadline to finalize GENIUS Act stablecoin rules, with issuer applications expected to begin processing in early 2027.
What remains unclear is why the OCC rejected Zerohash's first application and whether the narrowed scope addresses the regulator's specific objections. Also unresolved is the timeline for a decision on the new filing, and whether Zerohash's approach — scaling back ambition to improve approval odds — signals a pattern other crypto firms may follow as the OCC works through a growing queue of trust charter requests tied to the incoming stablecoin regulatory framework.