Zerohash's Trust Bank Charter Application Returned by OCC Amid Regulatory Scrutiny

Zerohash, a Chicago-based digital asset infrastructure company, encountered a significant regulatory hurdle this summer when the Office of the Comptroller of the Currency (OCC) returned its application for a national trust bank charter on July 17, 2026. The OCC cited material deficiencies in the application, which leaves the possibility for resubmission open, as opposed to a formal denial.

The firm, which provides crypto services for major institutions like Morgan Stanley and BlackRock, had filed its charter application on March 4, 2026. The proposed charter aimed to consolidate operations for digital asset custody, custodial staking, transfer agent functions, and stablecoin management, without seeking to take deposits or make loans. Zerohash currently operates under a state-chartered trust structure and multiple money transmitter licenses, which complicates its operations across various states.

The OCC's decision followed an objection from the Independent Community Bankers of America (ICBA) on April 2, 2026, which raised concerns about the potential risks associated with Zerohash's business model. Although Zerohash's application explicitly excluded deposit-taking and lending, the ICBA's concerns focused on the broader implications of granting the charter.

Despite this setback, Zerohash is already planning to resubmit its application in August 2026, aiming to address the issues flagged by the OCC. This situation unfolds amid a broader context where other digital asset firms have made progress in obtaining federal charters, highlighting the competitive landscape for digital asset licensing.