# kaal:claim:3936876-035

**Claim.** Becoming an OCC regulated trust is one route by which crypto exchanges can operate nationwide without securing state level licenses in each of the 49 states that require one.

**Type.** mechanism  **Support.** asserted

**Holds when.**

- United States, national trust charter route

**Source quote.**

> Becoming an OCC-regulated trust is one way crypto exchanges can operate nationwide without needing to secure state-level licenses in each of the 49 different U.S. states (Montana doesn't have a licensing requirement).

**From.** Wulf A. Kaal, Hayley Howe, *Custody of Digital Assets* (2021), III.3 Federal/National Trust Charters, page 30

**Cite as.** Wulf A. Kaal, Hayley Howe, Custody of Digital Assets (2021). SSRN: https://ssrn.com/abstract=3936876

**Verify.** sha256 of source PDF `9bc0903d01910460298e754c451f027df4324367359800a98ee8e638d94aff55` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20and%20Howe%20-%202021%20-%20Custody%20of%20Digital%20Assets.pdf

**Topics.** reputation, governance-design, defi

**Keywords.** occ, national-trust-charter, licensing, preemption, exchanges

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.