Kraken's parent company has filed an application with the Office of the Comptroller of the Currency seeking a national bank charter, which would make it one of the first crypto exchanges to operate under full federal banking oversight. The move upgrades Kraken's regulatory ambitions beyond its existing Wyoming special-purpose depository institution, which currently handles its banking-adjacent services. There is some ambiguity in the filings over whether the application is for a full national bank charter or a national trust charter — a narrower but still significant designation.
If approved, Kraken would gain access to the federal banking system — including the ability to hold customer deposits and potentially offer loans — under OCC supervision, the same regulator that oversees traditional banks. This legitimizes crypto custody and banking infrastructure in a way that could attract institutional money currently sitting on the sidelines. It also puts pressure on competitors like Coinbase to pursue similar federal-level licensing, which could reshape the entire exchange landscape.
OCC charter review timeline: typically 12-18 months after submission. Watch for any OCC public comment period announcements. Also: June-July 2025 Senate stablecoin and crypto banking legislation votes, which could reshape the legal framework Kraken is applying under.
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