OCC grants Bastion conditional approval for national trust bank charter

Bastion has secured conditional approval from the Office of the Comptroller of the Currency to form a national trust bank focused on digital asset custody, a step that puts it on a path toward federal banking oversight rather than state-by-state trust licensing. The decision adds to a wider pattern of crypto infrastructure firms seeking federal charters to serve institutional clients that demand fiduciary standards and regulatory supervision.

• The OCC issued Corporate Decision 1391 on September 18, approving Bastion National Trust Bank’s formation.
• The charter is non-depository, meaning Bastion cannot take conventional deposits like a retail or commercial bank.
• Approval covers custody services and digital asset payment-clearing activities, but Bastion must still meet pre-opening requirements before launching.

• Sep. 18 date the OCC issued Corporate Decision 1391 approving Bastion
• 1391 the OCC decision number granting Bastion’s conditional trust charter

Bastion is moving closer to operating under a federal banking charter after the OCC granted conditional approval for a national trust bank structure. The regulator’s Corporate Decision 1391, dated September 18, permits Bastion National Trust Bank, still in formation, to proceed with a charter built around custody and digital asset services. The story was first reported by NewsBTC.

The charter is not a conventional banking license. It is specifically a non-depository national trust bank, meaning Bastion will not accept deposits the way a commercial or retail bank does.

OCC decision 1391 sets custody-focused federal framework

Federal trust charters have grown in importance for digital asset firms because they provide a clearer regulatory path for institutional custody than state-level alternatives. Large funds, corporations and financial institutions increasingly want more than a wallet provider and an informal guarantee of safekeeping. They expect governance structures, fiduciary standards, independent audits, and regulatory oversight paired with defined custody responsibilities.

A national trust charter gives Bastion access to that institutional market under direct OCC supervision. The approval also extends to digital asset payment-clearing activities, which could broaden the charter’s use beyond simple asset storage into settlement functions.

Pre-Opening requirements still stand between Bastion and launch

Conditional approval is not final approval. Bastion must still satisfy the OCC’s standard pre-opening requirements before the bank can begin operating under the new charter.

Those requirements typically cover capital adequacy, systems infrastructure, management qualifications, compliance programs and overall operational readiness. The OCC decision marks a significant regulatory milestone for Bastion, but the formation process is not complete.

Crypto Custody firms keep moving toward federal oversight

Bastion’s approval fits a broader trend of digital asset infrastructure shifting from largely unregulated territory into federal banking and securities frameworks. Custody firms are pursuing trust charters, exchanges are seeking derivatives registrations, and stablecoin issuers are applying for payment licenses. Each move brings previously separate crypto infrastructure under established regulatory regimes.

The report does not name other firms currently pursuing similar OCC trust charters, nor does it detail Bastion’s existing client base or assets under custody. Those gaps leave open how Bastion’s charter will compare in scale to peers once operational.

The BlockWest read. For institutional allocators, a federally chartered custody option under OCC supervision changes the due-diligence calculus, since fiduciary obligations and examination cycles differ meaningfully from state trust or unregulated custodial arrangements. Firms weighing where to park digital assets now have another federally supervised counterparty once Bastion clears its pre-opening conditions.

Bastion has not disclosed a target date for satisfying the OCC’s pre-opening conditions, leaving the timeline for the bank’s full operational launch unresolved.

BlockWest is a news publication. Nothing here is investment advice. Read our disclaimer and editorial policy.