Galaxy Digital seeks US trust bank charter
4.5 Banking Galaxy Digital seeks OCC approval for a federally regulated trust bank in New York, aiming to unify digital asset services and expand nationwide amid banking sector opposition.
Galaxy Digital has submitted an application to the U.S. Office of the Comptroller of the Currency (OCC) to establish Galaxy National Bank, a federally regulated trust bank based in New York. The new institution would unify digital asset custody, trading, staking, and investment advisory services under a single federal regulatory framework, aiming to expand Galaxy’s presence across the United States. This initiative follows Galaxy’s previous $1.2 billion bid to acquire BitGo for regulated custody capabilities, a deal that fell through due to disputes. Currently, Galaxy holds over 50 licenses worldwide, including significant state and federal registrations. The application comes as traditional banks, represented by the Independent Community Bankers of America, challenge the OCC’s authority to grant national trust bank charters to crypto firms. They argue such charters allow crypto companies to bypass requirements faced by conventional banks. If approved, Galaxy National Bank would offer a federally regulated channel for digital asset services, aiming to boost institutional confidence and address regulatory fragmentation in the crypto sector.
