Encryption infrastructure company Zerohash's application for U.S. Trust Bank license blocked

On 13 August, the encryption infrastructure company Zerohash was unable last month to join dozens of businesses recently licensed by the United States Monetary Supervisory Authority (OCC) to trust banks. The applications for licences submitted by the Chicago-based company were secretly returned by banking regulators, which placed it in a special situation: in the recent wave of licences issued by the OCC to a number of trust banks that planned to operate digital assets, it was the only one left to lose. Two other recent applications by financial science and technology companies have been rejected directly, and the processing process has been terminated as a result of the significant material deficiencies in the documents submitted by representatives of the “return application” under OCC. The company issued a statement to CoinDesk on Wednesday, stating: “This request is an administrative process and we can resubmit it this month. This programme, which was established in consultation with the OCC, does not rule on the merits of this application, but does not affect the operation of Zerohash's existing operations, and the company continues to operate on the basis of the regulatory permit obtained.”