Zerohash recently submitted an application to the Office of the Comptroller of the Currency (OCC) seeking a national bank charter to introduce a broader federal regulatory framework within its crypto financial services system. Stephen Gardner, the company's Chief Legal and Compliance Officer, stated that this initiative is a key step in its global business expansion strategy, aimed at building a more stable and compliant operational foundation while expanding its product line coverage.
This application was formally submitted in February this year based on the OCC's latest digital asset regulatory guidelines. At the same time, institutions such as Morgan Stanley and PAYO Digital Bank have also initiated similar processes, reflecting the industry's urgent demand for regulatory clarity and legitimate operational status.
With the GENIUS Act coming into effect in July this year, stablecoin issuers and crypto asset custodians are mandated to obtain clear federal authorization, further driving the competition among crypto companies for national bank charters. According to the OCC, mainstream companies such as Crypto.com, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos have already received preliminary approvals, marking a significant acceleration of the industry's transition to regulated financial infrastructure.
The OCC has currently released a draft regulatory framework to accompany the GENIUS Act, focusing on regulating stablecoin issuance for payment purposes and strengthening compliance requirements related to anti-money laundering, capital adequacy, and customer asset segregation. This series of measures is pushing the entire industry to enhance governance standards, prompting all participants to adapt to higher legal obligations.
Meanwhile, the issue of regulatory transparency is also gaining increasing attention. Senator Elizabeth Warren recently publicly called for enhanced scrutiny of crypto bank applications involving foreign capital to ensure that national financial security is not undermined by potential risks. As the number of applications continues to rise, federal regulators are facing the dual challenge of balancing innovation with risk control.