Zero Hash's push for a U.S. federal trust bank charter hit a setback after the Office of the Comptroller of the Currency returned its application on July 17, 2026, citing material deficiencies rather than issuing a formal denial. The Chicago-based crypto infrastructure firm said the move was an administrative step taken in consultation with the OCC and plans to resubmit as early as August 2026 with a phased request focused first on national trust activities covering digital-asset custody, custodial staking, transfer agent functions and stablecoin management, while still excluding deposits and lending. Zero Hash filed the application on March 4 and sought to replace a patchwork of state approvals, including a state-chartered trust structure, multiple money transmitter licenses and a New York BitLicense, with a single federal framework. The bid also faced an April 2 objection from the Independent Community Bankers of America over risk validation and the possibility of expansion beyond traditional trust powers. The setback leaves Zero Hash behind other firms that have won preliminary OCC crypto trust approvals, even as it continues serving clients such as Morgan Stanley, BlackRock and Stripe and deals with a California compliance lawsuit brought by former Chief Compliance Officer Edgar Guerra.