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Paxos Trust Company has submitted a new application for a national bank charter, marking its second attempt to secure federal oversight for its cryptocurrency operations. The company’s decision comes just weeks after President Trump signed the GENIUS Act into law, which establishes federal regulations for stablecoins in the United States.
Currently, Paxos operates under a New York state license. However, by obtaining a national trust bank charter from the Office of the Comptroller of the Currency (OCC), it would be able to hold customer funds and process payments across all 50 states. Unlike traditional banks, a national trust bank cannot accept deposits from ordinary customers or extend loans. Instead, it focuses on managing assets and providing custody services for institutions.
In an interview, Paxos CEO and co-founder Charles Cascarilla emphasized that OCC oversight would “help build on our historic commitment to maintaining the highest standards of safety and transparency.”
Source: bravenewcoin.com
