Five Crypto Firms Get Coveted US Bank-Charter Nod (2)

Five cryptocurrency firms received preliminary approval to perform certain banking functions from a US regulator on Friday, marking the latest step in the White House‘s embrace of what was once viewed as a risky, fringe industry.

The Office of the Comptroller of the Currency offered conditional approval for national trust bank charters that Circle Internet Group Inc., Ripple, BitGo Inc., Fidelity’s digital assets arm and Paxos had requested, according to a press release.

“New entrants into the federal banking sector are good for consumers, the banking industry and the economy,” Comptroller of the Currency ...