Bastion received conditional approval from the OCC and obtained a nationwide trust bank license.
I didn’t notice this right away—the result is that this is the single most important item today. The OCC is the Office of the Comptroller of the Currency in the United States, and it issues a federally issued bank charter. Previously, when people in the community talked about “compliance,” they were usually referring to obtaining certain state licenses, or MSO licenses, etc. Bastion, however, has directly entered the federal banking system. A crypto-native company getting a real bank license—one that is not a “digital asset bank,” but simply a “bank.” Once this becomes effective, the template that future entrants reference will be different.
I didn’t notice this right away—the result is that this is the single most important item today. The OCC is the Office of the Comptroller of the Currency in the United States, and it issues a federally issued bank charter. Previously, when people in the community talked about “compliance,” they were usually referring to obtaining certain state licenses, or MSO licenses, etc. Bastion, however, has directly entered the federal banking system. A crypto-native company getting a real bank license—one that is not a “digital asset bank,” but simply a “bank.” Once this becomes effective, the template that future entrants reference will be different.