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Zerohash crypto partner Morgan Stanley unit returns OCC trust bank bid
CoinDesk reports the OCC returned the application for being “materially deficient,” and Zerohash plans to refile by the end of the month with a narrower scope.
CoinDesk reports that Zerohash, a crypto infrastructure provider for major financial firms including Morgan Stanley’s E*Trade, did not receive approval in its initial effort to obtain a U.S. trust bank charter from the Office of the Comptroller of the Currency.
According to CoinDesk, the OCC sent the application back through a process that indicates the regulator found “material deficiencies,” effectively ending the initial charter bid while leaving room for a new filing.
Zerohash said in a statement to CoinDesk that it plans to refile by the end of the month, expecting a quicker review after narrowing the scope of its application.
CoinDesk notes the company previously advertised roles tied to a “Zerohash National Trust Bank” described as having a pending charter, and Zerohash said the return is administrative, not a substantive decision, adding that its existing regulatory approvals and operations continue.