Charles Schwab’s Crypto Bank Dreams: Is the OCC Really Going to Let Them Play Banker?

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Well, it looks like EDX Markets Holding Company, Inc. is taking a bold step toward its crypto ambitions this week. They’re knocking on the door of the Office of the Comptroller of the Currency (OCC), hoping to get approval for a new venture: EDX Trust, National Association, a shiny new national trust bank right in Chicago. Isn’t this how every wild idea starts?

EDX Markets Holding Company Files OCC Charter Application for Crypto Trust Bank

The good folks over at EDX decided to make their application public on Wednesday, April 1st – and no, this is not an April Fool’s joke. Bloomberg was the first to break the news. The application, which is probably as dense as a university thesis, asks for full fiduciary powers under 12 U.S.C. § 92a, which is probably some legal mumbo jumbo that sounds important. In plain English, they want the ability to offer digital asset custody, asset management, and settlement services. All this for institutional clients. Oh, and they want to set up shop at 200 W. Madison, Suite 1450, Chicago, IL 60606. Fancy, huh?

EDX Markets first opened its doors in June 2023 as an institutional-only cryptocurrency exchange. It’s not exactly a garage startup, with backers like Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, Hudson River Trading, and Miami International Holdings. So, you know, just a few folks with deep pockets.

The platform is proudly non-custodial, meaning it doesn’t hold onto your assets during trading. This is all very traditional, as TradFi (that’s old-school finance, for you) likes to keep custody and execution separate. The trust bank, if it gets the green light, would continue this fine tradition. The EDX Trust would handle custody, asset management, and settlement, while the affiliate, EDX Markets LLC, would keep doing the trading thing.

If the OCC approves this wild idea, EDX Trust will offer fiduciary custody for digital assets, cash, and stablecoins. It’ll use sub-custodian banks to manage private keys, which is just fancy talk for reducing single points of failure. The bank will even try to make a little money by investing these funds in highly liquid assets – with the aim to make returns as close to the federal funds rate as possible. Nothing like chasing those sweet, sweet yields.

Settlement services would include riskless principal trading and end-of-day net settlement for clients working on the EDX Markets platform or in over-the-counter (OTC) venues. No proprietary trading here. They’re not trying to make a quick buck on your trades. Honest, we swear.

The proposed board of directors is made up of five members – probably so it’s easier to get everyone’s opinions on board. These fine individuals come from places like First Business Financial, UBS, and Charles Schwab. The management team includes folks who’ve worked at Cboe Digital, the Options Clearing Corporation, Coinbase, and Kraken. So yeah, they’ve got experience in this whole “finance” thing.

CEO José Antonio Acuña-Rohter, who used to lead ErisX and Cboe Digital, is the man in charge of this whole circus. The bank, if approved, will have no physical branches. That’s right – no teller lines, no waiting in line to talk to a guy named Steve. Everything will be done electronically through APIs and a fancy graphical interface. It’s the future, folks!

The OCC slapped the application on its public list of pending digital asset licensing applications on March 26. No word on when a decision will be made. Maybe they’re waiting for more crypto headlines to drop?

This filing joins the growing trend of crypto and fintech firms knocking on the OCC’s door for national trust bank charters. Just last December, the OCC approved five crypto-related institutions. This includes de novo charters for Ripple National Trust Bank and First National Digital Currency Bank. There’s also a bunch of other institutions in the queue, like Revolut Bank US, Zerohash National Trust Bank, Morgan Stanley Digital Trust, Coinbase National Trust Company, and World Liberty Trust Company – which, let’s face it, has ties to the Trump family. Because, why not?

Oh, and starting April 1, 2026, a new OCC rule will allow national trust banks to handle non-fiduciary digital asset custody. Less legal ambiguity! Hooray for progress!

A federal charter means this institution could operate nationwide without the pesky state-by-state licensing nonsense. For anyone who needs regulated custody before allocating to digital assets, this is a game-changer.

Now, the OCC will review EDX Trust’s application for safety, soundness, capital adequacy, and compliance. Don’t worry, the application comes with a thick pile of confidential exhibits, including a business plan and financial projections. EDX is requesting FOIA protection, which, let’s be honest, sounds like they’ve got something juicy to hide.

FAQ 🔎

  • What is EDX Markets applying for? EDX Markets Holding Company filed an application with the OCC on March 25, 2026, to charter EDX Trust, National Association, as a de novo national trust bank in Chicago focused on institutional digital asset custody and settlement.
  • Who backs EDX Markets? Key investors include Citadel Securities, Fidelity Digital Assets, Charles Schwab, Virtu Financial, Paradigm, Sequoia Capital, and Hudson River Trading.
  • What services would EDX Trust offer? The proposed bank would provide fiduciary custody of digital assets and stablecoins, asset management, and settlement services exclusively for institutional clients via electronic channels.
  • Has the OCC approved the EDX Trust application? No decision has been announced; the OCC listed the application as pending on March 26, 2026, and will review it for safety, soundness, and compliance.

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2026-04-02 01:57