Crypto.com has received conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) for a national bank trust charter. After full approval, it will provide custody services for digital asset treasuries, exchange-traded funds, and others nationwide under OCC supervision. The company had applied in October. CEO Kris Marszalek stated that this approval demonstrates their compliance commitments and determination to provide secure services to customers.
Source: Crypto.com
Crypto.com’s OCC Conditional Approval and Custody Services
This approval will enable Crypto.com (CRO) to expand its institutional custody services. The trust charter increases investor confidence by subjecting the safe custody of digital assets to OCC oversight. The company will provide nationwide services for ETFs and treasuries after full approval.
OCC’s Similar Approvals for Circle, Ripple, and Others
The approval came after the OCC issued similar conditional approvals two months ago for Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Coinbase stated that it would not become a bank even if approved. The American Bankers Association demanded that new charters for digital asset companies be delayed until the stablecoin law GENIUS Act is fully implemented.
Coordinated Attack on WLFI’s USD1 Stablecoin
World Liberty Financial (WLFI), linked to the Trump family, made a similar application for the USD1 stablecoin in January and was questioned by Senator Elizabeth Warren. As announced on WLFI’s X account this morning, a coordinated attack against USD1 has been launched. In the last hour, the pair dropped sharply to 0.9924 dollars. This event highlights the risks to stablecoins during the regulatory approval process.
ALT Technical Analysis: Downtrend and Support Levels
While regulatory news affects the market, examining the ALT detailed analysis, the price is at 0.01 dollars, 24-hour change -%4.80. RSI 31.09 (oversold), EMA 20: 0.0086. Trend is downtrend, Supertrend bearish. Strong support S1: 0.0069 (74/100 score, -%5.99 distance). Resistance R1: 0.0076 (+%3.54). For ALT futures, note: S2 0.0039 medium risk. Similar pressure is observed in related XRP and CRO.
These developments indicate that crypto custody and stablecoin regulations could increase market volatility.
Source: https://en.coinotag.com/cryptocom-receives-conditional-trust-charter-approval-from-occ
