OCC grants Bastion conditional approval to form a national trust bank
TL;DR
- The OCC granted conditional approval for Bastion to form a non-depository national trust bank focused on digital asset custody and related services.
- The charter authorizes custody and digital asset payment-clearing activities under OCC supervision.
- Bastion must satisfy pre-opening requirements before operating: capital, systems, management, compliance and operational readiness.
Bastion moved closer to operating under a federal banking charter after conditional approval from the Office of the Comptroller of the Currency. Corporate Decision 1391, dated September 18, permits Bastion National Trust Bank, currently in formation, to proceed with a national trust structure centered on custody and digital asset services.
The charter is non-depository. Bastion is not authorized to accept retail or commercial deposits.
Why the Charter Matters
Federal trust charters provide a clearer framework for institutional custody. Large funds, corporates and financial institutions seek governance, fiduciary standards, audits, regulatory oversight and defined custody responsibilities.
An OCC-supervised national trust charter gives companies like Bastion access to that market. The approval extends to digital asset payment-clearing, which broadens utility beyond storage.
Conditions Before Opening
Bastion must complete standard OCC pre-opening steps. Requirements: adequate capital, tested systems, qualified management, compliance controls and operational readiness. Operations under the charter begin only after these conditions are met.
Industry Context
Crypto infrastructure is moving into traditional banking oversight. Custody firms pursue trust charters, exchanges seek derivatives registrations and stablecoin issuers seek payment licenses. Bastion’s approval reflects this convergence.
Source: Office of the Comptroller of the Currency. https://www.occ.gov/topics/charters-and-licensing/interpretations-and-actions/2026/corporate-decision-1391.pdf
Source: Primary Source
