The Office of the Comptroller of the Currency (OCC) has granted Revolut preliminary approval to establish a national bank. This decision would allow the company to build and operate its own banking infrastructure under U.S. federal banking supervision.
The preliminary approval does not yet constitute final authorization to begin banking operations. Moving forward, Revolut must fulfill the OCC's conditions and secure additional approvals from the Federal Deposit Insurance Corporation (FDIC) and the Federal Reserve.
Revolut Founder and CEO Nik Storonsky noted that the conditional approval serves as an initial step toward establishing the proposed Revolut Bank US, providing a foundation to operate within the U.S. market.
The development holds significance for the cryptocurrency sector, as Revolut has previously launched its euro-backed stablecoin, EURR, which has experienced mixed reactions. The conditional clearance could potentially clear the path for additional crypto initiatives.
Broader Regulatory Landscape and Industry Context
Revolut joins several other major crypto-related companies that have received conditional national trust bank charters from the OCC over the past year, including Coinbase, Paxos, BitGo, Ripple, and Circle.
While OCC chief Jonathan Gould has expressed support for providing a legitimate regulatory route for entities engaging in digital assets and novel technologies to become federally supervised banks, not all approvals have been universally praised. For instance, the conditional green light given to World Liberty Financial raised concerns regarding potential conflicts of interest.
These developments occur alongside legislative delays, including the postponement of the CLARITY Act. Originally pushed from August to September 15, the House has since canceled much of its September voting calendar, leaving lawmakers with a limited timeframe to complete the legislation ahead of the midterm elections.
