The Office of the Comptroller of the Currency has conditionally approved Revolut’s application to establish a national bank, letting the fintech firm build U.S. banking infrastructure under federal supervision. The approval is not final; Revolut must still meet OCC conditions and receive approvals from the FDIC and Federal Reserve. The company has launched its euro-backed stablecoin, EURR. Over the past year, the OCC has also conditionally approved national trust bank charters for Coinbase, Paxos, BitGo, Ripple, and Circle. Meanwhile, the global cryptocurrency market cap rose more than 4% to $2.8 trillion in 24 hours.
The Office of the Comptroller of the Currency has granted Revolut a preliminary green light to establish a national bank. The approval lets the company build and operate its own banking infrastructure under U.S. federal banking supervision.
This is not final authorization. Revolut must still satisfy the OCC’s conditions and obtain approvals from the Federal Deposit Insurance Corporation and the Federal Reserve.
Revolut Founder and CEO Nik Storonsky said, “Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world’s largest financial market and bring the full Revolut experience to millions of Americans.”
Revolut has also launched its euro-backed stablecoin, EURR, which has drawn mixed reactions. The OCC has conditionally approved national trust bank charters for major crypto companies over the past year, including Coinbase, Paxos, BitGo, Ripple, and Circle.
Not every approval was viewed positively, as World Liberty Financial’s conditional green light attracted concerns about possible conflicts of interest. OCC chief Jonathan Gould believes companies using crypto and other new technologies should have a legitimate regulatory route to become federally supervised banks.
He said, “That is why entities that engage in activities involving digital assets and other novel technologies should have a pathway to become federally supervised banks if they so desire and if they meet the requirements to receive an OCC charter.”
This comes as the CLARITY Act faces delays, having been pushed from August to September 15. The House has also canceled much of its September voting calendar, leaving lawmakers a narrow window to complete the legislation before midterm elections.
The global cryptocurrency market cap rose over 4% in the past 24 hours, reaching $2.8 trillion.
