Crypto veterans are lining up to «get a banking charter».
10-29 — Galaxy (Nasdaq: GLXY) announced that its subsidiary, Galaxy Digital LP, has filed an application with the U.S. OCC (Office of the Comptroller of the Currency) to establish Galaxy National Bank, a national trust bank headquartered in New York.
Key points:
1️⃣ If approved, its digital asset custody, trading, and staking businesses, along with fiduciary investment advisory services, will come under the OCC’s federal regulatory framework. One charter would cover clients nationwide.
2️⃣ For now, it has only «filed an application». Whether and when it will be approved, and what conditions may apply, are still undetermined—as the company itself notes in its risk disclosures.
3️⃣ It has a strong foundation: the company says it holds 50+ licenses worldwide, including registration as an SEC-registered broker-dealer (and FINRA member), a CFTC-registered swap dealer, and authorization from the UK’s FCA. Recently, the New York DFS also granted it a BitLicense and a money transmitter license.
My take:
Ripple received final approval for an OCC national trust bank charter just a few days ago, and now Galaxy is lining up too. The trend is clear: crypto companies are no longer playing hide-and-seek with regulators; they’re moving directly into the federal system.
Institutions have never been looking for higher APYs. They want a custody counterparty that their compliance departments can sign off on. Whoever gets a banking charter first will be first to capture the next wave of institutional capital.
Of course, application ≠ approval. The real questions are whether the OCC approves it and how much capital it requires. I’ll share an update when we know more.
Source: Galaxy official IR press release (2026-10-29)
Not investment advice. DYOR.
10-29 — Galaxy (Nasdaq: GLXY) announced that its subsidiary, Galaxy Digital LP, has filed an application with the U.S. OCC (Office of the Comptroller of the Currency) to establish Galaxy National Bank, a national trust bank headquartered in New York.
Key points:
1️⃣ If approved, its digital asset custody, trading, and staking businesses, along with fiduciary investment advisory services, will come under the OCC’s federal regulatory framework. One charter would cover clients nationwide.
2️⃣ For now, it has only «filed an application». Whether and when it will be approved, and what conditions may apply, are still undetermined—as the company itself notes in its risk disclosures.
3️⃣ It has a strong foundation: the company says it holds 50+ licenses worldwide, including registration as an SEC-registered broker-dealer (and FINRA member), a CFTC-registered swap dealer, and authorization from the UK’s FCA. Recently, the New York DFS also granted it a BitLicense and a money transmitter license.
My take:
Ripple received final approval for an OCC national trust bank charter just a few days ago, and now Galaxy is lining up too. The trend is clear: crypto companies are no longer playing hide-and-seek with regulators; they’re moving directly into the federal system.
Institutions have never been looking for higher APYs. They want a custody counterparty that their compliance departments can sign off on. Whoever gets a banking charter first will be first to capture the next wave of institutional capital.
Of course, application ≠ approval. The real questions are whether the OCC approves it and how much capital it requires. I’ll share an update when we know more.
Source: Galaxy official IR press release (2026-10-29)
Not investment advice. DYOR.