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Zerohash back for second effort at OCC trust bank charter
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- DeepHorus
Crypto infrastructure firm Zerohash has initiated a second attempt to secure a trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC), following the regulatory body's unusual return of its initial application. The company's first filing was handed back last month, indicating material deficiencies, but Zerohash is proceeding with a new application it describes as having a significantly narrower focus.
The OCC charters national banks and trust companies, and its review process is critical for crypto firms seeking to operate within the traditional financial system. Zerohash, based in Chicago, already holds a state-chartered trust bank license and provides essential infrastructure for major financial partners including Morgan Stanley's E*Trade, BlackRock, Stripe, and Franklin Templeton.
The new trust application is now pending OCC review, with a public comment period open until September 17. While many crypto-native firms have received preliminary trust charters recently, and a few have been denied, Zerohash's is the only application to be returned by the regulator. A company spokesperson previously indicated the refiled effort would be less ambitious and aligned with a more focused approval of national trust activities.
Neither Zerohash nor the OCC provided comment on the specifics of the new filing. The company has maintained that the initial return was handled in coordination with the OCC and was not a substantive decision on the merits. However, the context includes a separate legal matter, as Zerohash faces a California wrongful termination lawsuit from a former chief compliance officer alleging he was fired after uncovering compliance issues.
This second application represents a crucial step for Zerohash in its ambition to operate as a federally regulated trust. Securing the charter would bolster its position as a key infrastructure provider in the evolving digital asset landscape, serving both crypto-native and traditional financial institutions.
The outcome will be closely watched by the industry as a potential signal of the OCC's stance on crypto banking applications. A successful charter approval would mark a significant milestone, while any further setbacks could impact the company's strategic timeline and broader market confidence.
