Galaxy Digital Files for OCC National Trust Bank Charter

Galaxy Digital has applied for a national trust bank charter with the Office of the Comptroller of the Currency, the company announced Thursday, as the digital asset firm seeks to consolidate more of its services under a single federal framework. Founder and CEO Mike Novogratz said the charter marks "an important next step" for the New York City-based company, which provides custody, trading and staking services for digital assets along with fiduciary investment advisory services. A trust charter would bar Galaxy from taking deposits or lending commercially. The application arrives amid a surge in charter requests to the OCC by fintechs during President Donald Trump's second term. Ripple disclosed this week it received unconditional OCC approval for its own national trust bank. The Independent Community Bankers of America sued the OCC this month, arguing the spike in trust charter activity creates "a gaping hole in financial regulation." Galaxy said OCC oversight would build on more than 50 licenses it holds across the U.S., Europe and Asia.