The Office of the Comptroller of the Currency has granted conditional approvals to two crypto-connected financial firms, marking incremental progress toward integrating blockchain-native institutions into the U.S. federal banking framework. The regulator issued a provisional charter to OpenReserve, a new full-service blockchain bank, while also providing preliminary approval to Revolut as the fintech giant pursues full national bank status CoinDesk, The Block.
OpenReserve received provisional authorization to operate as a full-service bank, adding the firm to what industry observers describe as a growing mix of crypto-native institutions seeking federal oversight rather than state-by-state licensing regimes. The OCC's approval allows the blockchain-focused bank to proceed with conditional operations while working toward full compliance with national banking standards, representing a rare instance of federal regulators blessing a bank built specifically around distributed ledger technology CoinDesk.
Revolut's conditional approval represents a significant milestone in the company's nearly six-month pursuit of U.S. banking powers. The London-based fintech filed applications with both the OCC and the Federal Deposit Insurance Corporation on March 4 to establish Revolut Bank US, seeking authority to accept insured deposits, issue credit cards, originate loans, and obtain direct access to Fedwire and ACH payment rails CryptoSlate, The Block.
The dual approvals highlight ongoing tensions within what critics characterize as a two-tier banking system, where traditional financial institutions enjoy direct access to federal payment infrastructure while crypto-native firms face prolonged regulatory scrutiny. Revolut's application remained pending for nearly six months before receiving preliminary approval, illustrating the timeline disparities between conventional bank chartering processes and those applied to digital asset-focused entities CryptoSlate.
If fully realized, Revolut Bank US would function as an insured national bank, eliminating reliance on third-party banking partners for core payment processing and deposit-taking functions. The structure would place Revolut alongside OpenReserve in a nascent category of federally chartered institutions explicitly designed to bridge traditional banking services with blockchain-based financial infrastructure, potentially reducing operational friction for crypto firms that currently depend on correspondent banking relationships CryptoSlate, CoinDesk.
The OCC's concurrent movement on both applications suggests a potential thaw in the federal government's approach to crypto banking integration, though both firms remain subject to conditional requirements before achieving full operational status as national banks. The approvals arrive as policymakers continue debating whether crypto-native institutions warrant the same direct access to central banking infrastructure enjoyed by traditional lenders, a question central to resolving the fragmented regulatory landscape that has forced many digital asset firms into banking deserts.