OCC Crypto Rule Is Live and Citadel, Schwab Are Already Filing for a Bank

The latest shift in US crypto regulation took effect on April 1. This is when the Office of the Comptroller of the Currency implemented its updated rule. Through this, the community is garnering more clarity on how banks can handle digital assets. OCC’s latest change formally allows national trust banks to provide crypto custody services under a single federal framework. Within the same day, a new application surfaced, suggesting firms had been waiting for this clarity before making their move.

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Wall Street Just Lined Up for a Federal Crypto Bank Charter

EDX Markets, backed by Citadel Securities, Fidelity Digital Assets, and Charles Schwab, has applied for a national trust bank charter. If approved, the charter would allow EDX to offer custody, asset management, and even trade settlement. All of this can be done through a regulated entity, while keeping its trading platform operational. The application outlines a structure where custody and settlement are separated from trading. It aligns more closely with how traditional financial markets operate.

The move places EDX along with firms that are already pursuing a crypto bank charter. This includes Ripple, Circle, Coinbase, Paxos, and BitGo. Many of these companies received conditional approvals in late 2025. EDX Chief Executive Officer Tony Acuña-Rohter spoke about this boom and said,

“It is without a doubt that the next wave of crypto will be the large banks. And in order for us to be able to service these firms, we think it gives us a competitive advantage to be an OCC-chartered trust.”

Recent data highlights how quickly interest in these charters has grown. The OCC historically received fewer than four new bank charter applications per year between 2011 and 2024. In 2025 and 2026 combined, that number rose to 14. This shows the increased demand from both crypto native firms and traditional financial institutions. Morgan Stanley is among those exploring similar structures.

The CEO further added,

“EDX Trust is a key step in bringing traditional market structure to digital assets. By separating custody and settlement into a regulated trust, we’re building the kind of infrastructure banks and institutional investors expect as they scale into the space.”

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EDX’s Institutional Play Was Always the Point

EDX itself was built with institutional clients in mind. The platform launched in 2023 with a small set of assets. This includes Bitcoin (BTC), Ethereum (ETH), Litecoin (LTC), and Bitcoin Cash (BCH). It has expanded its listings since then. Its backing reflects that focus, with firms like Fidelity Digital, Charles Schwab, and Citadel Securities supporting the exchange as they deepen their presence in the space.

At the same time, the pace of approvals has drawn scrutiny. The Bank Policy Institute has raised concerns around oversight. It is even considering legal action against the OCC. This group consists of 40 of the biggest US banks. This includes JPMorgan, Goldman Sachs, and Citigroup. Despite this, a clearer framework, along with rising institutional demand, is changing the entire system.

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