Zerohash to Refile U.S. Trust Bank Charter Application After OCC Return

Crypto infrastructure provider Zerohash plans to refile its application for a U.S. national trust bank charter after the Office of the Comptroller of the Currency (OCC) returned its initial filing in July.

The OCC returned the Chicago-based company's application on July 17, effectively ending the review without issuing a formal approval or denial. Under OCC policy, an application may be returned when it is considered "materially deficient," including when required financial, management or other information is missing or insufficient.

Zerohash said the move was administrative rather than a decision on the merits of its application. The company expects to submit a revised application this month and said its existing crypto operations and regulatory approvals remain unaffected.

The crypto platform initially applied for the national trust bank charter in March, proposing a broad range of digital asset and fiduciary services. Zerohash now intends to pursue a more focused, sequenced strategy that aligns its requested national trust activities with its planned rollout.

The development distinguishes Zerohash from fintech firms Wise and Bunq, whose U.S. charter applications were denied. It also comes amid growing interest in federal trust bank charters from crypto companies following the establishment of a U.S. regulatory framework for stablecoin issuers.

Zerohash provides cryptocurrency and digital asset infrastructure to major financial and technology companies, including BlackRock, Franklin Templeton, Stripe, Interactive Brokers and DraftKings. It also supports Morgan Stanley's E*Trade, a relationship that reportedly does not depend on Zerohash securing a federal charter. The company already operates as a state-chartered trust company.

Separately, Zerohash is involved in a legal dispute with former chief compliance officer Edgar Guerra, who alleges he was dismissed after identifying more than 200 significant compliance deficiencies, including weaknesses in anti-money laundering controls. Zerohash declined to comment on the litigation, and it remains unclear whether those allegations played any role in the OCC's decision to return the application.

The company has also reportedly pursued fresh investment at a valuation exceeding $1.5 billion after earlier acquisition discussions with Mastercard fell through.