EDX Markets, the crypto exchange backed by Citadel Securities, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter.
The move reflects growing support from the Trump administration for crypto firms seeking federal banking status. EDX CEO Tony Acuña-Rohter said the charter will help the exchange serve large banks and streamline custody and settlement services for digital assets.
EDX argues that separating custody, asset management, and trade settlement into an OCC-chartered trust bank enhances security and aligns the crypto industry with traditional financial practices.
This application places EDX among other firms like Circle and Ripple pursuing similar charters. However, some banking groups oppose the expansion, warning of regulatory risks.
The OCC defends the move, saying new entrants boost innovation and competition in the financial system.