At least 15 encryption companies are applying for a trust license from the Office of the Comptroller of the Currency (OCC).

According to Wu, as reported by Crypto In America, at least 15 Crypto Assets and fintech companies are applying for a trust license from the OCC, with some institutions seeing it as a strategic path to obtain a master account with The Federal Reserve (FED). A master account with The Federal Reserve (FED) would allow direct access to the federal reserve payment system, and once obtained, it would enable crypto companies to potentially bypass traditional banks and operate financial infrastructure in a manner similar to federally regulated deposit institutions.