The Office of the Comptroller of the Currency (OCC) has issued a final rule significantly expanding the permissible activities for national trust banks, a move that could accelerate cryptocurrency firms' access to the U.S. banking system. The rule clarifies that national trust banks are not restricted to fiduciary roles alone and may engage in non-fiduciary activities, such as custody operations not tied to trust duties. These services are now treated as incidental banking activities.
This regulatory shift directly benefits companies like Ripple, which has received conditional approval for a national trust charter, potentially bringing it closer to full integration with U.S. banking infrastructure. The crypto sector had actively sought clearer guidance on this issue, and the OCC's decision removes uncertainty around the scope of services these institutions can provide.
In a parallel development underscoring the trend, Morgan Stanley has applied for a crypto-focused National Trust Bank charter with the OCC. The application, filed on February 18, 2026, by 'Morgan Stanley Digital Trust', aims to allow the Wall Street giant to offer regulated digital asset custody under federal oversight. According to reports, the bank intends to use the charter not only for custody but also to conduct staking and trading services for its institutional investment clients.
This application places Morgan Stanley alongside crypto-native firms like Ripple, Crypto.com, Stripe's Bridge, Circle, BitGo, Fidelity Digital Assets, and Paxos, all of which have received conditional approvals from the OCC. The move signals a strategic pivot for Morgan Stanley from selective crypto exposure toward building internal infrastructure, following recent steps like appointing a digital asset strategy lead and filing to list spot Bitcoin and Solana ETFs.
The OCC's actions occur alongside other federal regulatory developments. The Federal Reserve is reviewing proposals for "skinny master accounts" that would provide limited access to its payment rails, with rules expected in Q4 2026. Furthermore, Fed Governor Michelle Bowman informed the Senate Banking Committee that regulators are developing rules on capital and liquidity for stablecoin issuers under the GENIUS Act, aiming to provide clarity so banks can support crypto services within the regulatory framework.
