OCC grants conditional bank charter to another U.S. digital asset-focused company

The Office of the Comptroller of the Currency (OCC) granted another crypto-focused firm conditional approval to operate as a national bank.

Protego will join Anchorage as a banking editor with approval from the federal government, according to a new announcement from the U.S. banking regulator.

Protego aims to serve institutional clients interested in digital assets. The Seattle-based firm plans on being a "vertically integrated and fully regulated bank built on blockchain." Now, as a nationally chartered trust bank, it can hold, trade, lend and issue digital assets to clients. These will be its four primary services, according to the bank.

THE SCOOP

Keep up with the latest news, trends, charts and views on crypto and DeFi with a new biweekly newsletter from The Block's Frank Chaparro

By signing-up you agree to our Terms of Service and Privacy Policy
By signing-up you agree to our Terms of Service and Privacy Policy

However, Protego is still in the organizational phase of development, according to the OCC's announcement. It will have 18 months to meet the terms of its conditional approval. It will be able to convert to a national trust bank when it begins to operate. Currently, it's a Washington State-chartered trust company.

This conditional approval comes after the era of Brian Brooks' leadership. Brooks was Coinbase's head legal counsel before joining the OCC under the Trump Administration. During his time at the head of the agency, Brooks made considerable strides on the digital asset policy front, including clarifying that federally chartered banks can hold custody of digital assets and granting the first conditional banking license to a crypto company. Anchorage nabbed the first conditional license in mid-January.

Blake Paulson, a career bank examiner, took over as Acting Comptroller just days after the Anchorage approval. Paulson will serve until a Senate-approved nominee takes office.

TAGS
OCC

About Author

Aislinn Keely is a reporter on The Block's policy team holding down the legal beat. She covers court decisions, bankruptcies, regulatory actions and other key moments in the legal sphere, putting them in context for the wider crypto industry. Before The Block, she lent her voice to the NPR affiliate WFUV and helmed Fordham University's student newspaper. Send tips or thoughts on all things policy and legal to [email protected] or follow her on Twitter for updates @AislinnKeely.