EDX Markets applies for OCC trust charter to court large banks
EDX Markets seeks a national trust bank charter from the OCC. The Citadel Securities‑backed exchange wants federal oversight to serve large banks.
Headline
EDX files for OCC trust charter to court big banks
EDX submitted an application to the Office of the Comptroller of the Currency. The filing is public on the OCC Reading Room. OCC filing
CEO Tony Acuña‑Rohter said large banks will drive the next phase of crypto adoption. He said an OCC trust charter would give EDX an edge with those institutions. Bloomberg interview
What the charter changes
- One national regulator instead of many state licenses. Simplifies custody, settlement, and fiduciary services. OCC filing
- Separation of functions. EDX argues many platforms combine brokerage, exchange, market‑making, and custody, creating conflicts and single points of failure. EDX filing summary
- EDX plans to move custody, asset management, and trade settlement into an OCC‑chartered trust bank structure. OCC filing
Peers on the same path. In December, five firms including Circle and Ripple received conditional approvals for trust charters. December conditional approvals
Pushback grows from incumbent banks. ICBA chief Rebeca Romero Rainey warned that conditional approvals could endanger consumers and create hard‑to‑supervise institutions. ICBA statement
The OCC defended its stance. Comptroller Jonathan Gould said new entrants can add products, services, and competition within the federal banking system. Gould comments
