US opens banking rails to crypto firms

TLDR

US bank regulators are moving to let certain crypto firms plug directly into core payment systems, reversing prior restrictions that kept them at arms length.

1. The Acting Comptroller of the Currency is rescinding 2021 guidance and inviting firms like Ripple and Crypto.com to seek national bank charters, opening access to FedNow and Fedwire rails.
2. This could remove a key bottleneck for institutional capital, enabling crypto-native banks, stablecoin settlement, and tokenized deposits to compete directly with traditional banks.
3. The shift faces pushback from incumbent banks and could still be narrowed by Congress, so the real test will be how many crypto firms actually secure charters and master-account style access.

Deep Dive

1. What Changed In Banking Policy

New reports say Acting Comptroller of the Currency Jonathan Gould is dismantling Biden-era guidance that forced banks to obtain a supervisory nonobjection before touching digital assets, effectively ending so-called Chokepoint 2.0 restrictions on crypto partnerships.

Under the new approach, activities are considered permissible unless explicitly prohibited, and Gould is actively inviting firms like Ripple and Crypto.com to apply for national banking charters, which would give them direct access to Federal Reserve payment rails such as FedNow and Fedwire and allow them to hold deposits without intermediaries.

This is being done using existing OCC authority and sits alongside broader federal work on stablecoin integration that is expected to continue over the next couple of years.

2. Why It Matters For Crypto Markets

Direct access to Fed rails removes one of the biggest friction points for institutional participation: reliance on fragile correspondent banking relationships and slow, expensive wiring between exchanges, custodians, and funds.

With a national bank charter, a payment-focused crypto firm could offer on/off-ramps, stablecoin issuance, and tokenized deposit products that settle in central bank money, bringing crypto payments closer to traditional banking in speed and reliability.

Analysts cited in the same coverage highlight a projected stablecoin market of up to several trillion dollars and an even larger opportunity in tokenized bank deposits, meaning this policy could shift value toward regulated crypto infrastructure rather than purely speculative tokens.

3. Risks, Pushback, And What To Watch

Traditional banks are already pushing back, arguing that crypto firms with charters could access Fed payment rails without matching their capital and compliance burdens, and several regional banks have reportedly launched their own blockchain payments network in response.

Congress can still intervene by tightening requirements around crypto banking charters, and other regulators, including the Fed itself, will have a say over any direct account access, so there is real implementation risk.

Key signals to watch are: which specific firms actually win national charters, how the Fed treats their access in practice, and how pending stablecoin and market-structure legislation aligns with this more permissive OCC stance.

Conclusion

US regulators are beginning to open core banking rails to crypto-native firms by removing prior veto-style guidance and inviting them into the chartered banking system. If this policy survives political and industry pushback and leads to real charters plus payment-rail access, it could materially deepen fiat liquidity around exchanges, stablecoins, and tokenized assets, shifting cryptos center of gravity toward regulated banking infrastructure.