EDX seeks national trust bank charter

EDX, a cryptocurrency firm backed by Charles Schwab and Citadel, is pursuing a national trust bank charter. This strategic move places EDX among other prominent crypto organizations, including Bridge, Ripple, Circle, BitGo, Fidelity Digital Assets, and Paxos, all of which have also applied for similar charters. The pursuit of a national trust bank charter indicates a broader industry trend towards seeking greater regulatory clarity and stability, potentially enabling these firms to offer a wider range of financial services under a federally recognized framework.