{"id":273531,"date":"2025-12-03T10:11:17","date_gmt":"2025-12-03T15:11:17","guid":{"rendered":"https:\/\/ncrc.org\/?p=273531"},"modified":"2025-12-03T10:11:17","modified_gmt":"2025-12-03T15:11:17","slug":"ncrc-comment-in-opposition-to-crypto-coms-national-trust-charter-application","status":"publish","type":"post","link":"https:\/\/ncrc.org\/ncrc-comment-in-opposition-to-crypto-coms-national-trust-charter-application\/","title":{"rendered":"NCRC Comment in Opposition to Crypto.com\u2019s National Trust Charter Application"},"content":{"rendered":"\t\t<div data-elementor-type=\"wp-post\" data-elementor-id=\"273531\" class=\"elementor elementor-273531\" data-elementor-post-type=\"post\">\n\t\t\t\t<div class=\"elementor-element elementor-element-37797710 e-flex e-con-boxed e-con e-parent\" data-id=\"37797710\" data-element_type=\"container\" data-e-type=\"container\" data-settings=\"{&quot;jet_parallax_layout_list&quot;:[]}\">\n\t\t\t\t\t<div class=\"e-con-inner\">\n\t\t\t\t<div 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href=\"#elementor-action%3Aaction%3Doff_canvas%3Aopen%26settings%3DeyJpZCI6ImI2MWJiZGYiLCJkaXNwbGF5TW9kZSI6Im9wZW4ifQ%3D%3D\">\n\t\t\t\t\t\t<span class=\"elementor-button-content-wrapper\">\n\t\t\t\t\t\t\t\t\t<span class=\"elementor-button-text\">Download<\/span>\n\t\t\t\t\t<\/span>\n\t\t\t\t\t<\/a>\n\t\t\t\t<\/div>\n\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<div class=\"elementor-element elementor-element-0883270 elementor-widget elementor-widget-text-editor\" data-id=\"0883270\" data-element_type=\"widget\" data-e-type=\"widget\" data-widget_type=\"text-editor.default\">\n\t\t\t\t<div class=\"elementor-widget-container\">\n\t\t\t\t\t\t\t\t\t<p>November 25, 2025<\/p><p>Sebastian R. Astrada<br \/>Director for Licensing, Midsize, Trust, Credit Card, and Novel Banks<br \/>Office of the Comptroller of the Currency<br \/>400 7th St., SW<br \/>Washington, DC 20219<\/p><p>Via electronic mail: LicensingPublicComments@occ.treas.gov<\/p><p>RE: Public Comment Letter in Opposition to Foris DAX National Trust Bank Charter Application (2025-Charter-343659)<\/p><p>Dear Director Estrada,<\/p><p>The National Community Reinvestment Coalition (\u201c<strong><em>NCRC<\/em><\/strong>\u201d) strongly opposes the application by Crypto.com (\u201c<strong><em>Crypto.com<\/em><\/strong>\u201d) for a national trust bank charter under the name Foris DAX National Trust Bank (\u201c<strong><em>FDNTB<\/em><\/strong>\u201d).<\/p><p>NCRC is a coalition of more than 700 community-based organizations fighting for economic justice. For nearly 30 years, we have worked to create opportunities for people and communities to build and maintain wealth. NCRC members include community reinvestment organizations, community development corporations, local and state government agencies, faith-based institutions, fair housing and civil rights groups, minority and women-owned business associations, and housing counselors from across the nation. NCRC partners with many of the nation&#8217;s largest banks to develop Community Benefits Agreements that channel billions of dollars into underserved communities and ensure transparency, accountability, and long-term impact. Our Innovation Council convenes fintech leaders to advance inclusive financial solutions. These partnerships create collaborative spaces where stakeholders share insights, develop strategies, and advance equitable access to financial services.<\/p><p>Granting Crypto.com a national trust bank charter would establish a fiduciary relationship between FDNTB and consumers nationwide, allowing FDNTB to offer custodial services, hold consumer funds, and manage settlements. The OCC must reject\u00a0Crypto.com&#8217;s\u00a0application for a national trust bank charter due to serious concerns regarding the applicant&#8217;s disregard for enforcement, governance, compliance, and consumer protection laws.<\/p><h3>1.\u00a0 The OCC does not have authority to issue national trust bank charters to crypto and stablecoin companies.<\/h3><p>The OCC charters national banks under the authority of the National Bank Act of 1864, as amended.<a href=\"#_ftn1\" name=\"_ftnref1\">[1]<\/a>\u00a0However, the OCC\u2019s recent consideration of limited purpose national trust charters for stablecoin issuers and other fintech firms exceeds the agency\u2019s authority under the National Bank Act.<\/p><p>FDNTB is not a trust company but is seeking to engage in core banking activities, including facilitating payments and taking deposits, without obtaining deposit insurance or becoming subject to consolidated Federal Reserve supervision: &#8220;granting these firms limited-purpose trust charters would blur the statutory boundaries of what constitutes a \u2018bank,\u2019 undermine the credibility of the national charter, and heighten systemic risk by allowing them to operate under a lighter regulatory regime.\u201d<a href=\"#_ftn2\" name=\"_ftnref2\">[2]<\/a>\u00a0Despite the GENIUS Act&#8217;s clear prohibition on stablecoin interest or yield, crypto companies evade this requirement by rebranding returns as &#8220;rewards.&#8221; This creates deposit-like products without regulatory safeguards, reshaping our financial system in ways that disproportionately burden vulnerable communities.<\/p><p>The OCC may deny an application if the applicant presents significant supervisory, compliance, or Community Reinvestment Act (CRA)<sup>\u00a0<a href=\"#_ftn3\" name=\"_ftnref3\">[3]<\/a><\/sup>\u00a0concerns. In its review of applications, the OCC must consider whether its proposed activities are consistent with the purposes of the Federal Deposit Insurance Act, the National Bank Act, and the\u00a0Home Owners\u2019\u00a0Loan Act. As noted above, FDNTB\u2019s proposed activities are not consistent with the purposes of the National Bank Act. The OCC does not have the authority to grant this entity a national trust bank charter.<\/p><p>Furthermore, as discussed below,\u00a0Crypto.com\u2019s\u00a0management record and inadequate internal controls fall short of the standards the OCC is required to evaluate when reviewing charter applications for national banks.\u00a0In reviewing charter applications for national banks, the factors and principles that the OCC must consider include<a href=\"#_ftn4\" name=\"_ftnref4\">[4]<\/a>:<\/p><ul><li>Maintaining a safe and sound banking system;<a href=\"#_ftn5\" name=\"_ftnref5\"><sup>[5]<\/sup><\/a><\/li><li>Encouraging a national bank to provide fair access to financial services by helping to meet the credit needs of its entire community;<a href=\"#_ftn6\" name=\"_ftnref6\"><sup>[6]<\/sup><\/a><\/li><li>Ensuring compliance with laws and regulations;<a href=\"#_ftn7\" name=\"_ftnref7\"><sup>[7]<\/sup><\/a>\u00a0and<\/li><li>Promoting fair treatment of customers, including efficiency and better service.<a href=\"#_ftn8\" name=\"_ftnref8\"><sup>[8]<\/sup><\/a><\/li><\/ul><p>In addition, federal regulations detail the policy considerations that the OCC accounts for when evaluating an application to establish a national bank. The OCC considers whether the proposed institution:<\/p><ul><li>Has organizers who are familiar with national banking laws and regulations or Federal savings association laws and regulations, respectively;<a href=\"#_ftn9\" name=\"_ftnref9\"><sup>[9]<\/sup><\/a><\/li><li>Has competent management, including a board of directors, with ability and experience relevant to the types of services to be provided;<a href=\"#_ftn10\" name=\"_ftnref10\"><sup>[10]<\/sup><\/a><\/li><li>Has\u00a0capital that is sufficient to support the projected volume and type of business;<a href=\"#_ftn11\" name=\"_ftnref11\"><sup>[11]<\/sup><\/a><\/li><li>Can reasonably be expected to achieve and maintain profitability;<a href=\"#_ftn12\" name=\"_ftnref12\"><sup>[12]<\/sup><\/a><\/li><li>Will be operated in a safe and sound manner;<a href=\"#_ftn13\" name=\"_ftnref13\"><sup>[13]<\/sup><\/a>\u00a0and<\/li><li>Does not have a title that misrepresents the nature of the institution or the services it offers.<a href=\"#_ftn14\" name=\"_ftnref14\"><sup>[14]<\/sup><\/a><\/li><\/ul><p>As discussed below, Crypto.com again falls short of the standards and requirements necessary for the operation of a national bank.<\/p><h3>2.\u00a0 Crypto.com\u2019s history of enforcement actions and litigation creates significant supervisory and compliance concerns, and shows a disregard for regulatory compliance, consumer protection, governance, and risk management.<\/h3><p>A history of public enforcement actions and litigation matters raises fundamental questions about the character and fitness of\u00a0Crypto.com\u2019s\u00a0leadership and their ability to implement adequate internal controls and risk management measures. These actions raise doubts about\u00a0Crypto.com\u2019s\u00a0ability, or willingness, to invest in the creation of adequate internal controls and risk management systems that are necessary for the operation of a national trust bank. Below are details of recent actions against Crypto.com or its affiliates, which demonstrate a reckless disregard for regulatory compliance and consumer protection.<\/p><h4 style=\"margin-left: 50px;\">2.1.\u00a0 Dutch Central Bank Enforcement for Prolonged AML\/CTF Violations<\/h4><p style=\"margin-left: 50px;\">In October 2023, the Dutch Central Bank (DNB) fined Foris DAX MT Limited,\u00a0Crypto.com&#8217;s\u00a0EU operating entity, \u20ac2.85 million for providing crypto-asset services in the Netherlands for over two years without required registration under the Dutch Anti-Money Laundering and Anti-Terrorist Financing Act. DNB deemed the violation \u201cvery severe\u201d due to its duration, the volume of Dutch customers served, and the competitive advantage gained by avoiding supervisory fees and compliance obligations. Critically, operating outside the AML\/CTF framework meant the firm failed to report unusual transactions to the Financial Intelligence Unit, heightening the risk of undetected money laundering or terrorist financing.<a href=\"#_ftn15\" name=\"_ftnref15\">[15]<\/a><\/p><p style=\"margin-left: 50px;\">This enforcement action reveals significant deficiencies in the firm&#8217;s governance, risk, and compliance structure, as well as a willingness to operate at scale in regulated jurisdictions without securing mandatory AML authorization. Such conduct is fundamentally incompatible with the prudential standards expected of a national trust bank. The OCC should view this record as evidence that the company&#8217;s compliance culture and internal controls remain inadequate for a federally supervised fiduciary institution.<\/p><h4 style=\"margin-left: 50px;\">2.2.\u00a0 Illinois Biometric Privacy Class Action Settlement<\/h4><p style=\"margin-left: 50px;\">In 2024, Foris DAX, Inc. (d\/b\/a Crypto.com) settled a class action under the Illinois Biometric Information Privacy Act (BIPA) for $1.72 million. Plaintiffs alleged the company collected and stored facial geometry from identity-verification scans without providing required written disclosures or obtaining informed consent. The settlement covers Illinois residents (or users of Illinois identification or phone numbers) who created accounts between August 2018 and June 2024.<a href=\"#_ftn16\" name=\"_ftnref16\">[16]<\/a><\/p><p style=\"margin-left: 50px;\">While the settlement includes no admission of liability, it raises serious concerns about\u00a0Crypto.com\u2019s\u00a0handling of biometric data\u2014among the most protected categories of personal information. The allegations suggest material gaps in privacy governance, transparency practices, and data security compliance. These deficiencies call into question the firm\u2019s readiness to meet the robust information safeguarding obligations and stringent federal privacy standards required of a national trust bank.<\/p><h4 style=\"margin-left: 50px;\">2.3.\u00a0 Texas Department of Banking Consent Order for Unlicensed Money Transmission<\/h4><p style=\"margin-left: 50px;\">On May 5, 2025, the Texas Banking Commissioner issued a consent order against Foris DAX, Inc., concluding the company conducted money transmission activities in Texas without a required state license. Foris DAX agreed to pay an administrative penalty of $87,108.63. Despite standard no-admit-nor-deny language, the action constitutes a final, public determination by a U.S. financial regulator that the firm engaged in regulated activity without authorization.<a href=\"#_ftn17\" name=\"_ftnref17\">[17]<\/a><\/p><p style=\"margin-left: 50px;\">The Texas enforcement implicates core competencies the OCC expects of any prospective national trust bank: proper money-transmission controls, robust licensing and compliance procedures, and the ability to manage consumer-facing financial services within legal frameworks. Operating in a major U.S. jurisdiction without required licensure demonstrates a pattern of regulatory noncompliance and suggests deficiencies in navigating multi-state financial services obligations\u2014directly relevant to the OCC\u2019s assessment of the applicant\u2019s fitness, managerial expertise, and compliance risk.<\/p><h4 style=\"margin-left: 50px;\">2.4.\u00a0 Litigation Over Fraud Monitoring and Detection Failures<\/h4><p style=\"margin-left: 50px;\">Beyond formal regulatory enforcement, Foris DAX faces ongoing litigation alleging material deficiencies in platform security and user protections. In\u00a0<em>Lee v. Foris DAX, Inc.<\/em>\u00a0(N.D. Cal., No. 24-cv-06194), filed on August 30, 2024, the plaintiff alleges that scammers were able to gain access to an elderly user\u2019s account, convert his assets into cryptocurrency, and drain the funds through the Crypto.com platform. The complaint asserts that Foris DAX failed to implement adequate fraud prevention and transaction monitoring controls that would have detected\u00a0the suspicious\u00a0activity. The plaintiff further contends that the company ignored several warning signs and allowed\u00a0the unauthorized\u00a0transfers to proceed, resulting in significant financial harm.<a href=\"#_ftn18\" name=\"_ftnref18\">[18]<\/a><\/p><p style=\"margin-left: 50px;\">Separately, plaintiff-side firms have brought arbitration claims on behalf of multiple accountholders, alleging inadequate security controls, identity verification processes, and fraud prevention systems that led to unauthorized access and asset theft.<a href=\"#_ftn19\" name=\"_ftnref19\">[19]<\/a><\/p><p style=\"margin-left: 50px;\">While these are civil disputes rather than regulatory actions, they indicate persistent consumer-protection and security vulnerabilities across Crypto.com\u2019s service offerings. They raise concerns about whether Foris DAX has implemented sufficiently rigorous operational, cybersecurity, and transaction monitoring controls\u2014mandatory for a national trust institution that must safeguard customer assets and ensure secure, equitable access to financial services. These cases highlight ongoing risk management gaps relevant to the OCC\u2019s safety and soundness evaluation.<\/p><h3>3.\u00a0 Granting a national trust bank charter to Crypto.com would enable regulatory arbitrage that harms communities and consumers.<\/h3><p>A national trust charter would provide Crypto.com with the reputational benefits, enhanced market credibility, and federal regulatory status of a banking institution while allowing it to avoid many of the fundamental obligations that justify such privileges. This arrangement would create dangerous imbalances in four areas: community investment responsibilities, consumer protection standards, regulatory oversight and accountability, and systemic risk management. Any form of national bank charter is a privilege, accompanied by obligations to communities and consumers. Approving\u00a0Crypto.com\u2019s\u00a0application would create a two-tier system where digital asset firms receive comparable federal status without comparable public obligations, undermining the integrity of the entire chartering framework.<\/p><p>The US has a well-established legal and regulatory framework that governs\u00a0banks\u00a0and banking activities. This framework exists to ensure strong consumer protections, including transparency around fees and privacy; rigorous anti-money laundering (AML) and counter-terrorism financing requirements; fraud prevention and reporting obligations; deposit insurance to protect consumers\u2019 funds; and the overall safety and soundness of the U.S. financial system. Issuing national trust bank charters to crypto and stablecoin companies would enable regulatory arbitrage, weaken public trust, and expose consumers and markets to unnecessary risk.<\/p><h4 style=\"margin-left: 50px;\">3.1.\u00a0 Lost Reinvestment to Communities and the Need for Community Development Obligations<\/h4><p style=\"margin-left: 50px;\">National trust banks are not subject to Community Reinvestment Act (CRA) requirements, meaning Crypto.com \u2013 an entity that proposed to engage in some traditional banking services such as taking and holding consumer deposits \u2013 would gain the prestige and benefits of a federal charter without any obligation to serve low- and moderate-income communities or meet local credit needs. Traditional banks must demonstrate how they reinvest deposits back into their communities\u2014Crypto.com would face no such requirement.\u00a0Crypto.com\u2019s\u00a0involvement in stablecoin issuance means a trust charter would legitimize diverting potentially billions of dollars from community bank deposits into stablecoins held by an entity with no corresponding community reinvestment obligation. This diversion of capital away from entities with a community reinvestment obligation represents a fundamental departure from the principle that federally chartered institutions should serve public purposes, not merely private profit.<\/p><p style=\"margin-left: 50px;\">The CRA states that banks which benefit from federal deposit insurance have an obligation to meet the credit needs of entire communities, meaning that banks cannot solely serve the wealthiest customers. They must serve the needs of low- and moderate-income households as well. Stablecoin issuers should be held to CRA-like standards as they will also rely on a supervisory regime that assures consumers that stablecoins are sound ways to store money.<\/p><p style=\"margin-left: 50px;\">Until stablecoin legislation requires stablecoin issuers to reinvest a portion of their proceeds into community development projects in underserved communities, no stablecoin issuer should receive any form of bank charter.<\/p><p style=\"margin-left: 50px;\">Traditional deposit insurance is a form of public subsidy to the banking industry in exchange for which banks accept obligations to serve the public interest. Granting trust bank charters to stablecoin firms will grant the patina of legitimacy to cryptocurrency issuers and the same obligations to serve the public should apply to stablecoin issuance.<\/p><p style=\"margin-left: 50px;\">Without applying community development obligations to stablecoin issuers, communities will lose billions of dollars of needed community and economic development projects and initiatives. In 2023 alone, banks originated over $127 billion in loans that meet the CRA\u2019s definition of community development for LMI communities and households.<a href=\"#_ftn20\" name=\"_ftnref20\">[20]<\/a>\u00a0In addition, ensuring community development conditions are being met by nonbank or national trust bank issuers would also allow for a more level playing field between banks, especially community banks, and nonbank or national trust bank issuers.<\/p><h4 style=\"margin-left: 50px;\">3.2.\u00a0 Threat of Consumer Harm<\/h4><p style=\"margin-left: 50px;\">As noted in several comment letters submitted earlier this year by NCRC, granting a national trust bank charter to cryptocurrency and stablecoin companies threatens to harm consumers on multiple levels.<\/p><p style=\"margin-left: 50px;\">Consumers using stablecoins issued by a \u201cnational trust bank\u201d would not have protections that federally insured deposits offer; however, the trust bank charter will confer the appearance of regulatory legitimacy and safety, which is likely to mislead and confuse consumers. This perception gap increases public exposure to financial loss while allowing Crypto.com to benefit from the reputational privileges of the federal banking system without offering the core\u00a0protections\u00a0that actual banks provide.<\/p><p style=\"margin-left: 50px;\">In addition, a stablecoin issuer taking consumer deposits under a national trust bank charter would not be subject to the OCC\u2019s National Bank Charges regulation, which requires full-service banks to consider key consumer protection principles when setting fees. A federal trust charter would also preempt state-level money transmitter licenses and consumer protection laws that would currently apply to\u00a0Crypto.com&#8217;s\u00a0operations in many jurisdictions. This federal preemption could weaken consumer protections that states have enacted specifically for digital asset activities. Trust banks aren&#8217;t FDIC-insured, but the \u201cnational bank\u201d label could mislead consumers into expecting federal protection, creating moral hazard and exposing them to avoidable harm.<\/p><h4 style=\"margin-left: 50px;\">3.3.\u00a0 Lost Regulatory Oversight and Accountability: Stablecoin issuers should not be permitted to use a federal trust bank charter to avoid state-level consumer protections.<\/h4><p style=\"margin-left: 50px;\">Traditional banks that maintain community reinvestment programs, robust compliance infrastructure, and comprehensive consumer protections would face a competitive disadvantage against Crypto.com operating under a lighter trust charter while enjoying comparable market credibility. Non-depository fintech companies are subject to state-level registration and regulatory oversight requirements. Granting a national trust bank charter to stablecoin issuers enables regulatory arbitrage that would allow Crypto.com to gain federal banking status while avoiding the obligations and safeguards that justify such privileges, and while avoiding state-level supervision.<\/p><p style=\"margin-left: 50px;\">The OCC should not permit Crypto.com to use a trust charter as a regulatory shortcut to avoid federal and state-level oversight while lacking the responsibilities and protections of insured banking institutions. The resulting competitive distortion could trigger a race to the bottom, incentivizing other institutions to seek similar arrangements. Moreover, granting federal banking status to an entity with\u00a0Crypto.com\u2019s\u00a0unsettled risk profile, particularly one involved in stablecoin issuance that could scale to trillions of dollars, introduces systemic risk without corresponding safeguards, deposit insurance, or resolution mechanisms that protect depositors when traditional banks fail.<\/p><h3>4.\u00a0 Risks to Safety and Soundness<\/h3><p>Despite the passage of the GENIUS Act, federal regulators have yet to finalize this law\u2019s implement regulations, which will be critical to establish clear rules for stablecoins, leaving critical issues of backing, redemption, and oversight in regulatory limbo. Even after the GENIUS Act and its implementing regulations all go into effect, which could take several years, legal scholar Art Wilmarth warns that \u201cBy placing the federal government\u2019s seal of approval on uninsured and weakly-regulated nonbank stablecoins, the GENIUS Act would greatly increase the likelihood that future runs on stablecoins would trigger systemic financial crises and require costly government bailouts.\u201d<a href=\"#_ftn21\" name=\"_ftnref21\">[21]<\/a><\/p><p>Granting Crypto.com a trust bank charter before a comprehensive regulatory framework is in place would expose both consumers and the broader financial system to poorly understood risks. FDNTB\u2019s proposed banking operations would create an unprecedented moral hazard by extending the federal safety net to a company whose core business involves highly volatile digital assets. Stablecoin issuers operating through platforms like\u00a0Crypto.com\u2019s\u00a0open-issuance infrastructure\u00a0pursue\u00a0profit-driven business models that are uniquely susceptible to destabilizing runs in the absence of rigorous reserve, redemption, and risk-management standards.<a href=\"#_ftn22\" name=\"_ftnref22\">[22]<\/a><\/p><p>Historically, in the United States, bright lines have existed to separate banking from commerce. The separation of banking and commerce is critical to maintaining the safety and soundness of our financial system. The national trust bank charter is a problematic contradiction to that principle.<\/p><p>If Crypto.com receives a charter, regulators will have little insight into its corporate parent\u2019s operations even though they have many interdependent relationships \u2013 compounding the systemic risks that Crypto.com and stablecoin operations already pose to the US economy.<\/p><h3>5.\u00a0 The OCC must place a moratorium on all stablecoin company charter applications until laws and regulations can effectively address safety and soundness concerns and protect consumers against fraud.<\/h3><p>The current regulatory framework governing cryptocurrency and stablecoins fails to prevent massive fraud and financial losses. It does not adequately address stablecoin liquidity standards, reserve requirements, or consumer protection, and these gaps have allowed criminal exploitation to flourish.<\/p><p>The digital asset ecosystem has been plagued by fraud, hacking, and cybercrime, with billions of dollars in losses annually. US consumers are already losing billions of dollars a year to fraud, with\u00a0stablecoins\u00a0overtaking Bitcoin as the illicit currency of choice for criminals.<\/p><p>According to the FBI\u2019s Internet Crime Complaint Center (IC3) 2024 Internet Crime Report, US consumer losses due to scams are increasing at a startling rate, rising from just under $4 billion in 2020, to over $16 billion in 2024.<a href=\"#_ftn23\" name=\"_ftnref23\">[23]<\/a>\u00a0Cryptocurrency has become the top way that complainants reported financial loss in fraud, accounting for $9.3 billion dollars in losses in 2024 alone.<a href=\"#_ftn24\" name=\"_ftnref24\">[24]<\/a>\u00a0As a group, those over the age of 60 suffered the most losses and submitted the most complaints referencing cryptocurrency.<a href=\"#_ftn25\" name=\"_ftnref25\">[25]<\/a>\u00a0While Bitcoin was the currency of choice for cybercriminals for years, this changed in 2022: a 2025 report shows a seismic shift to stablecoins that now account for 63% of all illicit crypto transactions.<a href=\"#_ftn26\" name=\"_ftnref26\">[26]<\/a>\u00a0In June of this year, the Financial Action Task Force (FATF), a leading global financial crime watchdog, recently called on countries to take stronger action to combat illicit finance in crypto assets, warning that gaps in regulation could have global repercussions.<a href=\"#_ftn27\" name=\"_ftnref27\">[27]<\/a><\/p><p>A related concern involves\u00a0Crypto.com\u2019s\u00a0proposed Foris DAX National Trust Bank and its integration into the stablecoin and digital-asset payments ecosystem. Crypto.com is seeking a national trust charter to issue stablecoins, custody digital assets, and manage stablecoin reserves. These activities would place Crypto.com at the center of digital-asset infrastructure that has enabled widespread cryptocurrency-kiosk and wallet-based fraud\u2014a rapidly growing consumer-protection crisis disproportionately harming seniors and vulnerable individuals.<\/p><p>While Crypto.com does not directly operate crypto kiosks or retail exchanges, it has launched stablecoin financial accounts,<a href=\"#_ftn28\" name=\"_ftnref28\">[28]<\/a>\u00a0supports global USDC payments, and is developing custody and settlement rails for crypto platforms, fintech firms, and cross-border remittance providers. Bridge has tested blockchain-based settlement and stablecoin-issuance models, and its trust bank would provide \u201ccustody, stablecoin issuance, [and] management of stablecoin reserves,\u201d according to company leadership. These functions create the possibility that Bridge National Trust could become an indirect liquidity, issuance, or settlement provider to cryptocurrency kiosks, payment aggregators, wallet providers, and high-risk exchange networks.<\/p><p>Given\u00a0Crypto.com\u2019s\u00a0lack of experience operating a federally supervised financial institution, the OCC should closely scrutinize whether Crypto.com\/Bridge possesses adequate anti-money-laundering, sanctions screening, and transaction monitoring controls to detect and respond to transactional patterns characteristic of kiosk-related scams and other crypto-enabled schemes.<\/p><p>Recent federal and state data underscore the scale of this threat posed by\u00a0stablecoin\u00a0and crypto-kiosk fraud. The Federal Trade Commission reported that consumers lost over $65 million to Bitcoin ATM scams in the first half of 2024, with a median individual loss of $10,000, and that older adults were several times more likely to be targeted.<a href=\"#_ftn29\" name=\"_ftnref29\">[29]<\/a>\u00a0FinCEN and multiple state attorneys general have documented that kiosks have been used to launder \u201cmillions\u201d in criminal proceeds, prompting a wave of new state laws imposing transaction caps, disclosure mandates, refund rights, and operator registration requirements.<\/p><p>Finally, the OCC should also deny all stablecoin company charter applications until the Secretary of the Treasury has finalized rules to implement Section 5(A) of the GENIUS Act. That section of the Act provides that a permitted payment stablecoin issuer shall be treated as a financial institution for purposes of the Bank Secrecy Act, and as such, shall be subject to all federal laws applicable to a financial institution located in the United States relating to economic sanctions, prevention of money laundering, customer identification, and due diligence.<\/p><p>A recent report by the International Consortium of Investigative Journalists (ICIJ) found routine use of brand-name crypto exchanges by money launderers.<a href=\"#_ftn30\" name=\"_ftnref30\">[30]<\/a>\u00a0The ICIJ-led cross-border investigation with 37 media partners in 35 countries reveals how crypto and stablecoin companies provide the tools that criminals exploit to launder the proceeds of scams, theft, and other crimes \u2014 while those who\u2019ve lost their savings or livelihoods are left with little hope of justice. The findings raise questions about whether exchanges are doing enough to stop illicit flows, either by freezing funds, closing accounts or carefully monitoring suspicious transactions.<\/p><p>Before the OCC considers granting a charter to any stablecoin issuer, the following rules and regulations implementing provisions of the GENIUS Act must be in place:<\/p><ul><li>The Federal Reserve Board is authorized to issue regulations related to reserve requirements and liquidity standards for federally regulated stablecoin issuers.<a href=\"#_ftn31\" name=\"_ftnref31\">[31]<\/a><\/li><li>The Federal Deposit Insurance Corporation may issue rules to ensure that insured depository institutions issuing\u00a0stablecoins\u00a0comply with capital and risk management standards.<a href=\"#_ftn32\" name=\"_ftnref32\">[32]<\/a><\/li><li>The Department of the Treasury is authorized to issue rules on consumer protection, including public disclosures of reserve composition, redemption procedures and prohibited marketing practices.<a href=\"#_ftn33\" name=\"_ftnref33\">[33]<\/a><\/li><li>The Financial Crimes Enforcement Network is authorized\u00a0to issue\u00a0implementing\u00a0regulations under the Bank Secrecy Act to ensure anti-money laundering and sanctions compliance by\u00a0stablecoin\u00a0issuers.<a href=\"#_ftn34\" name=\"_ftnref34\">[34]<\/a><\/li><li>The Secretary of the Treasury is granted broad authority to issue rules and guidance necessary to carry out the act.<a href=\"#_ftn35\" name=\"_ftnref35\">[35]<\/a><\/li><\/ul><h3>6.\u00a0 The comment period for charter applications must be extended to at least 90 days.<\/h3><p>A key feature of the American democratic process is the opportunity for public engagement in the lawmaking process and in the American banking law this means the public\u2019s right to participate by submitting comments on charter applications. A 30-day comment period for national trust applications is simply not sufficient for meaningful public engagement.<\/p><p>We urge the OCC to publicize the nonpublic portions of all stablecoin issuer charter applications (redacting any nonpublic personal information about the proposed entities\u2019 officers or directors). Finally, we request that the OCC extend the comment periods for all such applications to 90 days.<\/p><h3><strong>Conclusion<\/strong><\/h3><p>The OCC must reject\u00a0Crypto.com\u2019s\u00a0application for a national trust bank charter. Granting a national trust bank charter to Crypto.com would enable regulatory arbitrage, reduce investment into community development, risk significant harm to consumers and communities, and would create systemic risk. Finally, until the GENIUS Act is effective and its implementing regulations are finalized, granting a national trust bank charter to a stablecoin issuer will further fuel illicit finance and fraud that are already wreaking havoc on US consumers.<\/p><p>Thank you for considering this request. If you have any questions about this letter, please contact Jesse Van Tol, NCRC\u2019s Chief Executive Officer, at 202-464-2709 or\u00a0<a href=\"mailto:jvantol@ncrc.org\">jvantol@ncrc.org<\/a>.<\/p><p>Sincerely,<\/p><p>Jesse Van Tol<br \/>Chief Executive Officer<br \/>NCRC<\/p><p><a href=\"#_ftnref1\" name=\"_ftn1\">[1]<\/a>\u00a012 U.S.C. 1\u00a0<em>et seq<\/em>.<br \/><a href=\"#_ftnref2\" name=\"_ftn2\">[2]<\/a>\u00a0Bank Policy Institute, BPI urges OCC to preserve the integrity of national trust charters. BPI.\u00a0<a href=\"https:\/\/bpi.com\/bpi-urges-occ-to-preserve-the-integrity-of-national-trust-charters\/\" target=\"_blank\" rel=\"noopener\">https:\/\/bpi.com\/bpi-urges-occ-to-preserve-the-integrity-of-national-trust-charters\/<\/a><br \/><a href=\"#_ftnref3\" name=\"_ftn3\"><sup>[3]<\/sup><\/a>\u00a0Ibid., 4.<br \/><a href=\"#_ftnref4\" name=\"_ftn4\">[4]<\/a>\u00a012 C.F.R. s. 5.20(e).<br \/><a href=\"#_ftnref5\" name=\"_ftn5\"><sup>[5]<\/sup><\/a>\u00a012 CFR 5.20(f)(1)(i)<br \/><a href=\"#_ftnref6\" name=\"_ftn6\"><sup>[6]<\/sup><\/a>\u00a012 CFR 5.20(f)(1)(ii)<br \/><a href=\"#_ftnref7\" name=\"_ftn7\"><sup>[7]<\/sup><\/a>\u00a0Ibid.<br \/><a href=\"#_ftnref8\" name=\"_ftn8\"><sup>[8]<\/sup><\/a>\u00a0Ibid.<br \/><a href=\"#_ftnref9\" name=\"_ftn9\"><sup>[9]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(A)<br \/><a href=\"#_ftnref10\" name=\"_ftn10\"><sup>[10]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(B)<br \/><a href=\"#_ftnref11\" name=\"_ftn11\"><sup>[11]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(C)<br \/><a href=\"#_ftnref12\" name=\"_ftn12\"><sup>[12]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(D)<br \/><a href=\"#_ftnref13\" name=\"_ftn13\"><sup>[13]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(E)<br \/><a href=\"#_ftnref14\" name=\"_ftn14\"><sup>[14]<\/sup><\/a>\u00a012 CFR 5.20(f)(2)(i)(F)<br \/><a href=\"#_ftnref15\" name=\"_ftn15\">[15]<\/a>\u00a0De Nederlandsche Bank, \u201cFine for Foris DAX MT Limited (Crypto.com) for having provided crypto services without the required registration until 2 August 2023 in the Netherlands,\u201d March 13, 2024, updated December 3, 2024, <a href=\"https:\/\/www.dnb.nl\/en\/general-news\/enforcement-measures-2024\/fine-for-foris-dax-mt-limited-crypto-com-for-having-provided-crypto-services-without-the-required-registration-until-2-august-2023-in-the-netherlands\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.dnb.nl\/en\/general-news\/enforcement-measures-2024\/fine-for-foris-dax-mt-limited-crypto-com-for-having-provided-crypto-services-without-the-required-registration-until-2-august-2023-in-the-netherlands\/<\/a><br \/><a href=\"#_ftnref16\" name=\"_ftn16\">[16]<\/a>\u00a0Agnew v. Foris DAX, Inc., No. 2024-CH-00435 (Cir. Ct. Cook Cnty., Ill.)\u00a0<a href=\"https:\/\/cdn.prod.website-files.com\/642f23e5f54b794300ac12a6\/668cbeaf4fb3711cf409be18_zLos3la1_UM96k7BXnygnekVC36RyJ2CeHjXypBLDwM.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/cdn.prod.website-files.com\/642f23e5f54b794300ac12a6\/668cbeaf4fb3711cf409be18_zLos3la1_UM96k7BXnygnekVC36RyJ2CeHjXypBLDwM.pdf<\/a><br \/><a href=\"#_ftnref17\" name=\"_ftn17\">[17]<\/a>\u00a0Texas Department of Banking,\u00a0<em>Consent Order No. 2025-010 in the Matter of Foris DAX, Inc., Tyler, Texas,<\/em>\u00a0May 5 2025,\u00a0<a href=\"https:\/\/www.dob.texas.gov\/sites\/default\/files\/files\/Laws-Regulations\/orders\/2025-010.pdf?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">https:\/\/www.dob.texas.gov\/sites\/default\/files\/files\/Laws-Regulations\/orders\/2025-010.pdf<\/a><br \/><a href=\"#_ftnref18\" name=\"_ftn18\">[18]<\/a>\u00a0Jung Min Lee v. Foris DAX, Inc., No. 3:24-cv-06194-WHO (N.D. Cal. filed Aug. 30, 2024), Order Granting FDIC-R and Evans Motions to Dismiss and Granting in Part and Denying in Part Crypto.com Motion to Dismiss, Doc. 115 (N.D. Cal. Sept. 5, 2025), available at\u00a0<a href=\"https:\/\/law.justia.com\/cases\/federal\/district-courts\/california\/candce\/3%3A2024cv06194\/435795\/115\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">https:\/\/law.justia.com\/cases\/federal\/district-courts\/california\/candce\/3%3A2024cv06194\/435795\/115\/<\/a><br \/><a href=\"#_ftnref19\" name=\"_ftn19\">[19]<\/a>\u00a0[Confidential] v. Foris DAX, Inc. d\/b\/a Crypto.com,\u201d Silver Miller Law Firm (Active Cases),\u00a0<a href=\"https:\/\/www.silvermillerlaw.com\/active_cases\/confidential-v-foris-dax-inc-d-b-a-crypto-com\/?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">https:\/\/www.silvermillerlaw.com\/active_cases\/confidential-v-foris-dax-inc-d-b-a-crypto-com\/<\/a><br \/><a href=\"#_ftnref20\" name=\"_ftn20\">[20]<\/a>\u00a0American Bankers Association,\u00a0<em>Community Reinvestment Act<\/em>, accessed November 13, 2025,\u00a0<a href=\"https:\/\/www.aba.com\/banking-topics\/compliance\/acts\/community-reinvestment-act?utm_source=chatgpt.com\" target=\"_blank\" rel=\"noopener\">https:\/\/www.aba.com\/banking-topics\/compliance\/acts\/community-reinvestment-act<\/a><br \/><a href=\"#_ftnref21\" name=\"_ftn21\">[21]<\/a>\u00a0Open Banker, \u201cCongress Must Reject the GENIUS Act and Remove the Dangers Posed by Nonbank Stablecoins\u201d by Art Wilmarth:\u00a0<a href=\"https:\/\/ourfinancialsecurity.org\/wp-content\/uploads\/2025\/07\/AFR-Factsheet.GENIUS-Acts-Flaws-and-Failures.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/ourfinancialsecurity.org\/wp-content\/uploads\/2025\/07\/AFR-Factsheet.GENIUS-Acts-Flaws-and-Failures.pdf<\/a><br \/><a href=\"#_ftnref22\" name=\"_ftn22\">[22]<\/a> Financial Stability Oversight Council, 2024 Annual Report (Washington, DC: U.S. Department of the Treasury, 2024), 8, <a href=\"https:\/\/home.treasury.gov\/system\/files\/261\/FSOC2024AnnualReport.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/home.treasury.gov\/system\/files\/261\/FSOC2024AnnualReport.pdf<\/a>.<br \/><a href=\"#_ftnref23\" name=\"_ftn23\">[23]<\/a>\u00a0Federal Bureau of Investigation,\u00a0<em>2024 Internet Crime Report<\/em> (Washington, DC: Internet Crime Complaint Center, 2025), 7, <a href=\"https:\/\/www.ic3.gov\/AnnualReport\/Reports\/2024_IC3Report.pdf\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ic3.gov\/AnnualReport\/Reports\/2024_IC3Report.pdf<\/a>.<br \/><a href=\"#_ftnref24\" name=\"_ftn24\">[24]<\/a>\u00a0Ibid., 3.<br \/><a href=\"#_ftnref25\" name=\"_ftn25\">[25]<\/a>\u00a0Ibid., 35.<br \/><a href=\"#_ftnref26\" name=\"_ftn26\">[26]<\/a>\u00a0Chainalysis, \u201c2025 Crypto Crime Report: Illicit Volumes Portend Record Year as On-Chain Crime Becomes<br \/>Increasingly Diverse and Professionalized,\u201d January 15, 2025,\u00a0<a href=\"https:\/\/www.chainalysis.com\/blog\/2025-crypto-%20crime-report-introduction\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.chainalysis.com\/blog\/2025-crypto-<\/a><a href=\"https:\/\/www.chainalysis.com\/blog\/2025-crypto-%20crime-report-introduction\/\" target=\"_blank\" rel=\"noopener\">crime-report-introduction\/<\/a><br \/><a href=\"#_ftnref27\" name=\"_ftn27\">[27]<\/a>\u00a0Reuters, \u201cGlobal financial crime watchdog calls for action on crypto risks,\u201d June 25, 2025, <a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/global-financial-crime-watchdog-calls-action-%20%20crypto-risks-2025-06-26\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/global-financial-crime-watchdog-calls-action-<\/a><a href=\"https:\/\/www.reuters.com\/sustainability\/boards-policy-regulation\/global-financial-crime-watchdog-calls-action-%20%20crypto-risks-2025-06-26\/\" target=\"_blank\" rel=\"noopener\">crypto-risks-2025-06-26\/<\/a><br \/><a href=\"#_ftnref28\" name=\"_ftn28\">[28]<\/a>\u00a0Crypto.com, \u201cIntroducing Stablecoin Financial Accounts in 101 Countries,\u201d\u00a0<em>Crypto.com Blog<\/em>, May 20 2025,\u00a0<a href=\"https:\/\/stripe.com\/blog\/introducing-stablecoin-financial-accounts?utm_.com\" target=\"_blank\" rel=\"noopener\">https:\/\/Crypto.com.com\/blog\/introducing-stablecoin-financial-accounts?utm_.com<\/a><br \/><a href=\"#_ftnref29\" name=\"_ftn29\">[29]<\/a>\u00a0Federal Trade Commission, \u201cNew FTC Data Shows Massive Increase in Losses to Bitcoin ATM Scams,\u201d press release, September 3, 2024,\u00a0<a href=\"https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2024\/09\/new-ftc-data-shows-massive-increase-losses-bitcoin-atm-scams\" target=\"_blank\" rel=\"noopener\">https:\/\/www.ftc.gov\/news-events\/news\/press-releases\/2024\/09\/new-ftc-data-shows-massive-increase-losses-bitcoin-atm-scams<\/a><br \/><a href=\"#_ftnref30\" name=\"_ftn30\">[30]<\/a>\u00a0International Consortium of Investigative Journalists. (n.d.). About Coin Laundry investigation: Cryptocurrency. ICIJ.\u00a0<a href=\"https:\/\/www.icij.org\/investigations\/coin-laundry\/about-coin-laundry-investigation-cryptocurrency\/\" target=\"_blank\" rel=\"noopener\">https:\/\/www.icij.org\/investigations\/coin-laundry\/about-coin-laundry-investigation-cryptocurrency\/<\/a><br \/><a href=\"#_ftnref31\" name=\"_ftn31\">[31]<\/a>\u00a0GENIUS Act, Sec. 4(e)(2), S.1582, 119th Cong.<br \/><a href=\"#_ftnref32\" name=\"_ftn32\">[32]<\/a>\u00a0GENIUS Act, Sec. 4(e)(3), S.1582, 119th Cong.<br \/><a href=\"#_ftnref33\" name=\"_ftn33\">[33]<\/a>\u00a0GENIUS Act, Sec. 6(a)\u2013(c), S.1582, 119th Cong.<br \/><a href=\"#_ftnref34\" name=\"_ftn34\">[34]<\/a> GENIUS Act, Sec. 7(b), S.1582, 119th Cong.<br \/><a href=\"#_ftnref35\" name=\"_ftn35\">[35]<\/a>\u00a0GENIUS Act, Sec. 13(a), S.1582, 119th Cong.<\/p>\t\t\t\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t\t\t<\/div>\n\t\t","protected":false},"excerpt":{"rendered":"<p>&nbsp; Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. Download Now &nbsp; Complete the form to download the pdf: Download November 25, 2025 Sebastian R. Astrada Director for Licensing, Midsize, Trust, Credit Card, and Novel Banks Office of the Comptroller of the Currency 400 [&hellip;]<\/p>\n","protected":false},"author":3745,"featured_media":0,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"_acf_changed":false,"_angie_page":false,"content-type":"","_uag_custom_page_level_css":"","_monsterinsights_skip_tracking":false,"site-sidebar-layout":"default","site-content-layout":"","ast-site-content-layout":"default","site-content-style":"default","site-sidebar-style":"default","ast-global-header-display":"","ast-banner-title-visibility":"","ast-main-header-display":"","ast-hfb-above-header-display":"","ast-hfb-below-header-display":"","ast-hfb-mobile-header-display":"","site-post-title":"","ast-breadcrumbs-content":"","ast-featured-img":"","footer-sml-layout":"","ast-disable-related-posts":"","theme-transparent-header-meta":"default","adv-header-id-meta":"","stick-header-meta":"default","header-above-stick-meta":"","header-main-stick-meta":"","header-below-stick-meta":"","astra-migrate-meta-layouts":"set","ast-page-background-enabled":"default","ast-page-background-meta":{"desktop":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"ast-content-background-meta":{"desktop":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"tablet":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""},"mobile":{"background-color":"var(--ast-global-color-5)","background-image":"","background-repeat":"repeat","background-position":"center center","background-size":"auto","background-attachment":"scroll","background-type":"","background-media":"","overlay-type":"","overlay-color":"","overlay-opacity":"","overlay-gradient":""}},"_EventAllDay":false,"_EventTimezone":"","_EventStartDate":"","_EventEndDate":"","_EventStartDateUTC":"","_EventEndDateUTC":"","_EventShowMap":false,"_EventShowMapLink":false,"_EventURL":"","_EventCost":"","_EventCostDescription":"","_EventCurrencySymbol":"","_EventCurrencyCode":"","_EventCurrencyPosition":"","_EventDateTimeSeparator":"","_EventTimeRangeSeparator":"","_EventOrganizerID":[],"_EventVenueID":[],"_OrganizerEmail":"","_OrganizerPhone":"","_OrganizerWebsite":"","_VenueAddress":"","_VenueCity":"","_VenueCountry":"","_VenueProvince":"","_VenueState":"","_VenueZip":"","_VenuePhone":"","_VenueURL":"","_VenueStateProvince":"","_VenueLat":"","_VenueLng":"","_VenueShowMap":false,"_VenueShowMapLink":false,"page_builder":"","footnotes":""},"categories":[1046],"tags":[],"class_list":["post-273531","post","type-post","status-publish","format-standard","hentry","category-testimony"],"acf":[],"uagb_featured_image_src":{"full":false,"thumbnail":false,"medium":false,"medium_large":false,"large":false,"1536x1536":false,"2048x2048":false},"uagb_author_info":{"display_name":"NCRC","author_link":""},"uagb_comment_info":0,"uagb_excerpt":"&nbsp; Complete the form to download the pdf: Yes, send me updates by email about NCRC research, events and news. Download Now &nbsp; Complete the form to download the pdf: Download November 25, 2025 Sebastian R. 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