The OCC issued an interpretive letter confirming that Fidelity’s crypto-focused trust bank can operate nationwide without state money transmitter licenses. The OCC held that state licensing laws are preempted by the National Bank Act because they would “prevent or significantly interfere” with federally authorized activities.
This is a major preemption win for federally chartered fintechs. States cannot impose licensing requirements that effectively veto national bank powers.
OCC interpretive letter: https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2026/int1192.pdf