TLDR
- EDX Markets applied to the OCC for a US national trust bank charter.
- The charter would support crypto custody, asset management, and trade settlement services.
- Charles Schwab, Citadel Securities, and Fidelity Investments back EDX Markets.
- Ripple, Circle, BitGo, Bridge, Paxos, and Fidelity Digital Assets also seek the charter.
- An OCC trust charter would not allow deposits or loans for crypto firms.
Charles Schwab and Citadel-backed EDX Markets has joined the list of crypto firms seeking a national trust bank charter. The filing was submitted by EDX Markets Holding Company. It was sent to the Office of the Comptroller of the Currency, or OCC.The company wants approval for crypto custody, asset management, and trade settlement services.
The move places EDX beside Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos. These firms are also seeking the same federal trust charter. An approval would not allow deposits or loans, but it could widen institutional access. The charter could help firms attract more institutional clients.
EDX seeks a more structured market role
EDX Markets Holding Company said the application aims to address gaps in the US digital asset market. EDX said the current market structure in the United States remains incomplete.
The filing said traditional markets split duties among brokers, market makers, exchanges, and custodians. By contrast, crypto platforms have often handled several roles at once.
EDX said its proposed trust bank would focus on custody, settlement, and related asset services. It wants a model that mirrors more familiar financial market roles.
The company said that structure could better match practices used in equities and derivatives. It also said the charter would support a clearer separation of functions.
Wall Street backing shapes the plan
EDX launched with backing from Charles Schwab, Citadel Securities, and Fidelity Investments. EDX has marketed itself as a venue with a traditional market structure. That support has helped position the exchange as a platform built for institutions. The charter request fits that strategy and its target client base.
Chief Executive Officer Tony Acuña-Rohter said large banks are likely to drive the next phase of crypto. He told Bloomberg, “It is without a doubt that the next wave of crypto will be the large banks.” He said an OCC-chartered trust would give EDX a competitive advantage with those firms. His remarks point to EDX’s focus on bank clients.
More crypto firms seek OCC trust status
EDX joins a wider group of crypto companies now pursuing an OCC national trust charter. Recent applicants include Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos.
Together, the filings show growing interest in federal oversight for digital asset services. Firms appear to see the charter as a route to operate under a federal framework.
A national trust charter still has limits, and it does not permit traditional deposit taking or lending. Even so, it can help firms offer regulated custody and settlement for institutional clients. That structure may appeal to firms seeking a clearer compliance path. For EDX, the application marks another step in its push for a more bank-ready crypto model.
Get 3 Free Stock Ebooks
Discover top-performing stocks in AI, Crypto, and Technology with expert analysis.
- Top 10 AI Stocks - Leading AI companies
- Top 10 Crypto Stocks - Blockchain leaders
- Top 10 Tech Stocks - Tech giants
