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Stock impact report

5 major crypto companies just got one step closer to becoming banks [Yahoo! Finance]

Circle Internet Group, Inc. Class A (CRCL) 
Company Research Source: Yahoo! Finance
under certain conditions, bringing some of the industry's biggest players ever closer to the traditional banking sector. Under conditions, the OCC approved applications submitted earlier this year by stablecoin issuer Circle Internet Group ( CRCL ) and crypto firm Ripple ( RIPL.PVT ) to establish their national trust banks, First National Digital Currency Bank and Ripple National Trust Bank, respectively. The regulator also gave approval for Paxos, crypto custodian BitGo, and Fidelity Digital Assets to convert their state trust licenses into national charters. The decision comes after some in the banking industry grew skittish over the charter applications. “New entrants into the federal banking sector are good for consumers, the banking industry and the economy. They provide access to new products, services and sources of credit to consumers, and ensure a dynamic, competitive and diverse banking system,” Jonathan Gould, Trump-appointed head of the OCC, said in a press release. Show less Read more
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