Galaxy Digital Applies for a National Trust Bank Charter 27…
By Tobi Opeyemi Amure
AI summary of the source article
Galaxy Digital has applied to the OCC to establish Galaxy National Bank, a proposed national trust bank headquartered in New York. The filing arrives amid an ICBA lawsuit challenging the OCC's authority to issue charters to non-depository crypto firms.
Why it matters
Founder and CEO Mike Novogratz stated: "A national trust charter would be an important next step, allowing us to bring more of our services under a single federal framework and expand how we serve clients as adoption accelerates."
Key facts
- Galaxy Digital LP applied to the OCC to form Galaxy National Bank to unify custody, trading, staking, and fiduciary investment advisory services under federal supervision.
- The Independent Community Bankers of America sued the OCC on 2 October, seeking to bar the agency from granting or conditionally approving such charters.
- Galaxy Digital reported third-quarter net income of $323 million and an increase in total assets to $16.4 billion.
Source excerpt · FinanceFeeds
Galaxy Digital said on Thursday morning that its subsidiary Galaxy Digital LP has applied to the Office of the Comptroller of the Currency to establish Galaxy National Bank, a proposed national trust bank headquartered in New York. If approved, it would bring custody, trading, staking and fiduciary investment advisory services under one federal supervisor. The application arrives into live litigat…