Crypto Firm Rain Applies for OCC National Trust Bank Charter

WHY IT MATTERS

When crypto companies want to let customers move money between regular dollars and cryptocurrency, they usually need to work with a traditional bank. Think of it like a middleman that handles the dollars side of things. Rain is trying to get a special license called a "national trust bank charter" from a U.S. government agency, which would let it handle some banking functions on its own without needing that middleman. This matters because it could give crypto companies more independence from traditional banks, but it also raises questions about how these new types of banks should be regulated and supervised. Community banks — smaller, local banks that have sometimes partnered with crypto firms — are concerned about being cut out of the picture.