Key Takeaways IBKR is seeking a national trust bank charter to bring custody functions in-house.The trust charter boosts IBKR's appeal to RIAs, hedge funds and family offices seeking regulated custody.The move is expected to improve operating leverage and margins without a major boost to near-term revenue.Interactive Brokers (IBKR) , a well-known global online trading platform, is seeking a national trust bank charter from the Office of the Comptroller of the Currency (OCC). This was published on MSN, citin ...

Core Viewpoint - A national trust banking charter for Stripe could allow the company to offer banking services while avoiding certain regulations, raising concerns from advocacy groups about the legitimacy and compliance of the fintech [1][2][3]. Group 1: Charter Application and Concerns - The National Community Reinvestment Coalition (NCRC) opposes Stripe's charter application, arguing it would grant the company undeserved legitimacy due to its history of legal issues [2][3]. - The NCRC's letter to the Office of the Comptroller of the Currency (OCC) highlights serious concerns regarding Stripe's governance, compliance, and consumer protection practices [3]. - If approved, the charter would enable Stripe's acquisition, Bridge, to operate as Bridge National Trust Bank, providing custody and management of stablecoin reserves under a federal framework [5][6]. Group 2: Industry Context and Other Applications - Stripe's acquisition of Bridge, a stablecoin infrastructure company, was valued at $1.1 billion and is part of its strategy to enter the banking sector [5]. - Other crypto firms, including Circle Internet Group, Paxos Trust, Ripple, and Coinbase Global, have also applied for charters through the OCC, but none have been approved yet [7].

Core Insights - Crypto.com has filed for a National Trust Bank Charter with the U.S. Office of the Comptroller of the Currency (OCC), aiming to expand its regulated financial services in the U.S. [1] - The charter will enhance Crypto.com's custody and staking technology, allowing services across multiple blockchains, and positioning it as a trusted custody destination for digital asset treasuries and institutional investors [2][3] - The filing is part of Crypto.com's strategy to build secure and compliant crypto infrastructure, joining other firms like Coinbase and Ripple in seeking similar federal recognition [3] Industry Context - The OCC is the sole agency authorized to issue national bank charters, enabling firms to operate banking services across all 50 states under one legal framework [5] - A federal charter is viewed as a pathway to legitimacy for digital asset firms, granting access to Federal Reserve payment systems and simplifying regulatory compliance [6] - The current leadership of the OCC has shown increased openness to digital asset activities, contributing to the rise in crypto firms pursuing national bank charters [7]

⚡️ NEW: Cryptodotcom has filed an application for a National Trust Bank Charter with the US OCC. https://t.co/fvJIjEErAQ ...

🚨JUST IN: @CRYPTOCOM FILES NATIONAL TRUST BANK CHARTER APPLICATION WITH @USOCC ...