Citadel-backed EDX Markets seeks OCC national trust bank charter

EDX Markets, a crypto exchange backed by Citadel Securities, has applied to the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, according to a public filing released Wednesday. The filing comes as U.S. regulators under the Trump administration have taken a more welcoming stance toward crypto firms looking to operate under federal banking charters. EDX Chief Executive Tony Acuña‑Rohter, who is expected to join the proposed trust bank's board, told Bloomberg the company believes large banks will lead the next wave of crypto adoption. He said an OCC trust charter would strengthen EDX's ability to serve those institutions. A national trust charter would allow EDX to operate nationwide under a single federal supervisor instead of securing multiple state money-transmitter licenses, easing the delivery of digital-asset custody, settlement and fiduciary services. In its application, EDX said many digital-asset platforms combine brokerage, exchange, market-making and custody within vertically integrated firms, creating conflicts of interest and single points of failure. Shifting custody, asset management and trade settlement into an OCC-chartered national trust bank would offer customers the "most secure regulatory structure possible," the company said, and would mirror the separation of functions common in traditional equities and derivatives markets. EDX joins a growing list of crypto companies pursuing similar structures. In December last year, five firms, including Circle (CRCL) and Ripple, received conditional approval for trust charters. Some incumbent banks and industry groups have objected, arguing that expanding trust-bank charters to crypto firms goes beyond the charter's historical purpose and could introduce new risks. Rebeca Romero Rainey, president and CEO of the Independent Community Bankers of America, said conditional approvals could put consumers at risk and create institutions the OCC may find difficult to oversee. She also warned the framework could allow stablecoin operators into the federal banking system without meeting the capital and regulatory requirements imposed on full-service, deposit-taking banks. OCC leadership has defended the approvals. Comptroller of the Currency Jonathan Gould said new entrants can bring new products and services and increase competition, which he said would benefit consumers and the broader banking sector.