The U.S. Office of the Comptroller of the Currency (OCC) has conditionally approved national trust bank charters for several prominent cryptocurrency firms, including Circle, Ripple, Paxos, BitGo, and Fidelity. These charters allow the firms to offer custody and fiduciary services, though they do not permit deposit-taking or lending activities. This development is expected to enhance liquidity and institutional-grade services in the crypto markets. The OCC's decision aims to streamline regulatory oversight by avoiding fragmented state regulations, while imposing strict governance and compliance with counter-financing of terrorism (CFT) standards. However, the move has sparked concerns regarding the potential limits of oversight and the boundaries of regulatory authority.