The crypto industry is undergoing a notable strategic shift. Rather than positioning itself purely as an alternative to the traditional financial system, a growing number of firms are now seeking to integrate directly with legacy financial infrastructure. According to Blockchain Capital general partner Spencer Bogart, more than 20 crypto companies are pursuing or have already obtained Office of the Comptroller of the Currency (OCC) charters, including major names such as Ripple and Coinbase.
From avoiding banks to becoming part of the system
Bogart said crypto and fintech firms previously wanted to operate like banks without actually becoming banks. The reason was straightforward: full bank-style status came with tighter regulation, heavier compliance burdens, and potentially lower valuation multiples. In his view, companies wanted to get close to the line without crossing it.
That position has now changed. One major factor is the weakening of the sponsor bank model, as some banks were pushed to drop certain customer relationships, including crypto-linked businesses. That raised the risk of operational isolation for digital asset firms and made direct federal oversight more attractive.
Why OCC charters matter
An OCC charter does not give a crypto company all the powers of a full-service commercial bank. Firms operating under this structure cannot take deposits or open lending activities. Still, Bogart argued that the charter offers major advantages: a single federal license, one regulator, and crucially, greater credibility with serious institutional capital.
That credibility can be decisive. A federally chartered and supervised institution is more likely to pass the counterparty and compliance filters used by large banks, asset managers, and sovereign wealth funds. Compared with a fragmented state-licensed model, the OCC framework simplifies the regulatory picture and may help crypto firms expand into customer segments that were previously difficult to reach.
Coinbase joins Ripple and Circle in the push
The report also notes that Coinbase has received conditional OCC approval for a national trust company, placing it alongside Ripple and Circle in this regulatory shift. The trend suggests that leading crypto firms are no longer treating traditional finance as something to bypass, but increasingly as a system they need to join in order to scale.
More broadly, the change highlights how crypto’s next growth phase may depend less on separation from legacy finance and more on formal integration with it. If more firms secure OCC charters, the link between crypto platforms and large institutional capital pools could become significantly stronger.