Core Viewpoint - Major crypto companies, including Ripple and Circle, have received preliminary approval from a top banking regulator to establish national trust banks, which could enhance the integration of digital assets into the banking system [1][2]. Group 1: Regulatory Approval - The Office of the Comptroller of the Currency (OCC) conditionally approved national trust bank charters for Circle and Ripple, along with applications from BitGo, Paxos, and Fidelity to convert state trust bank charters to national charters [2]. - Final approval from the OCC is still required before these trust banks can commence operations [2]. Group 2: Operational Capabilities - If finalized, the national trust bank charters will enable these companies to manage and hold assets for customers and facilitate faster payment settlements [3]. - The charters do not permit these companies to accept cash deposits or issue loans [3]. Group 3: Industry Perspectives - Comptroller of the Currency Jonathan Gould stated that new entrants into the federal banking sector are beneficial for consumers, the banking industry, and the economy [4]. - The banking industry has expressed concerns, urging the OCC to reject some applications, citing potential systemic risks and a preference for lighter regulatory oversight by crypto companies [4].

According to WSJ, digital asset custodian BitGo said it received conditional approval from OCC on Friday to convert into a bank, which upon final approval would allow it to custody digital assets and certain non-deposit financial assets and to offer regulated crypto-related services. In addition, crypto reporter Eleanor Terrett reported that OCC has also conditionally approved applications from several other crypto firms, including Ripple, Circle, Fidelity, and Paxos, to establish or convert into national t ...

Core Viewpoint - New Hampshire has approved a $100 million Bitcoin-backed municipal bond, marking the first instance of such a bond being collateralized by cryptocurrency, pending final approval from the governor and state Executive Council [1][2]. Group 1: Bond Structure and Mechanism - The proposed bond structure requires borrowers to post 160% of the bond's value in Bitcoin as collateral, ensuring a buffer against market fluctuations [2]. - A liquidation mechanism is in place to sell the cryptocurrency if its value falls below 130% of the bond's value, protecting bondholders from potential losses [3]. Group 2: Economic and Technological Implications - The bond aims to create a Bitcoin Economic Development Fund through transaction fees, which will be used to invest in business growth and financial innovation programs in New Hampshire [2]. - New Hampshire has positioned itself as a leader in digital finance by being the first state to establish a strategic Bitcoin reserve and allowing the state treasurer to invest up to 5% of state funds in digital assets with a market capitalization of $500 billion or more [4][5]. Group 3: Collaboration and Future Outlook - The bond was developed in collaboration with digital asset companies like BitGo and Wave Digital Assets, indicating a partnership between public and private sectors to unlock the value of digital assets [6][7]. - The initiative is viewed as the opening of a new debt market, showcasing innovative financial solutions that could reshape investment opportunities [7].

Circle, Ripple, Paxos, Fidelity and BitGo Get Banking Charters Approved by OCC► https://t.co/MXS05PvifS https://t.co/MXS05PvifS ...

Ripple, BitGo and Paxos secure conditional approval for US banking charters https://t.co/LKaWj84de7 ...

RT Bitcoin Magazine (@BitcoinMagazine)JUST IN: 🇺🇸 US regulator OCC approves Bitcoin infrastructure company BitGo and Fidelity Digital Assets to become national trust banks 👀Huge! https://t.co/obmOKToAE4 ...

JUST IN: 🇺🇸 OCC grants "conditional approval" to Ripple, BitGo, Fidelity Digital Assets, and Paxos to become national trust banks. ...

BREAKING: OCC grants conditional approval for 'Trust Bank Charter' licenses to Ripple, BitGo, Fidelity, Paxos, and Circle ...

JUST IN: 🇺🇸 US regulator OCC approves Bitcoin infrastructure company BitGo and Fidelity Digital Assets to become national trust banks 👀Huge! https://t.co/obmOKToAE4 ...

CRYPTO BANKS ARE HERE!Eleanor Terrett (@EleanorTerrett):🚨JUST IN: The @USOCC just granted conditional approval for trust bank charters to @Ripple, @BitGo, @DigitalAssets, @Paxos, and @Circle. ...