Overview
- The OCC sent back Zerohash’s national trust bank filing as an administrative return that stops active review and typically signals the application lacked required information or detail.
- Zerohash said it will refile a narrower, sequenced application this month and expects a faster review while it keeps operating under existing state trust charters and money-transmitter licenses.
- The company faces an internal legal dispute in California filed by its former chief compliance officer alleging more than 200 compliance gaps, a claim that complicates regulatory scrutiny.
- The Independent Community Bankers of America formally objected to Zerohash’s federal bid over worries the firm could expand beyond traditional trust functions, adding industry pushback to the regulator’s procedural move.
- Trust-bank charters authorize custody, fiduciary and settlement services rather than retail deposits or lending, so a federal approval would simplify Zerohash’s state-by-state licensing but also shape how U.S. regulators oversee crypto infrastructure providers.