The Office of the Comptroller of the Currency (OCC) has granted Revolut preliminary, conditional approval to establish a national bank, a step that would allow the fintech firm to build and operate its own banking infrastructure under U.S. federal banking supervision.

For a fintech like Revolut, holding its own charter matters because it reduces reliance on partner banks to offer deposits, lending, and card products, a model that most U.S. fintechs currently depend on.

The decision is not yet a final authorization to begin banking operations. Revolut must still satisfy the OCC's conditions and obtain separate approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve — the next milestones to watch in the process.

Reacting to the milestone, Revolut Founder and CEO Nik Storonsky said: "Conditional OCC approval is an important first step towards establishing the proposed Revolut Bank US. It gives us the foundation to build in the world's largest financial market and bring the full Revolut experience to millions of Americans."

The development is also notable for the cryptocurrency industry, as Revolut has launched its euro-backed stablecoin, EURR. With the OCC's green light in hand, additional crypto initiatives from the company may follow. EURR has drawn mixed reactions so far, but the project remains in its early stages.

Not All Approvals Are Welcome News

Revolut is not alone in pursuing a national trust charter. Over the past year, the OCC has conditionally approved national trust bank charters for major crypto companies, including Coinbase, Paxos, BitGo, Ripple, and Circle — a shift that reflects a broader move by federal regulators toward offering crypto firms a supervised path into the banking system rather than leaving them outside it.

However, not every approval has been welcomed by the industry. The conditional green light given to World Liberty Financial attracted concerns about potential conflicts of interest.

OCC chief Jonathan Gould has argued that companies working with crypto and other new technologies should have a legitimate regulatory route to federal supervision. In his words: "That is why entities that engage in activities involving digital assets and other novel technologies should have a pathway to become federally supervised banks if they so desire and if they meet the requirements to receive an OCC charter." (occ.gov)

Regulatory Hurdles Remain

The OCC decision comes against a backdrop of legislative delays. The CLARITY Act, already pushed back from August to September 15, faces further uncertainty after the House canceled much of its September voting calendar. Lawmakers are now left with a very narrow window to complete the legislation before the midterm elections.

Meanwhile, the global cryptocurrency market capitalization has surged more than 4% in the past 24 hours to $2.8 trillion, a move the original report (via AMBCrypto) suggests indicates a strong market recovery heading toward Q4 2026.

In summary, the OCC has now conditionally approved national trust bank charters for Coinbase, Paxos, BitGo, Ripple, and Circle, in addition to Revolut. Revolut, for its part, has already launched its euro-backed stablecoin, EURR, which has received a mixed reception.

Source: CryptoNewsNet