The Office of the Comptroller of the Currency (OCC) approved five crypto companies for national trust bank charters. This includes stablecoin issuer Circle Internet Group and crypto firm Ripple. These companies can’t make loans or accept deposits with this license. They must meet OCC requirements and adhere to the GENIUS Act. The OCC oversees 60 national trust banks, with only Anchorage Digital in the crypto space. Banks are concerned these licenses could allow commercial crypto firms to offer core banking services. The OCC’s decision has raised questions about the applicants’ activities and risks.

Read more at Yahoo Finance: 5 major crypto companies just got one step closer to becoming banks