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  "raw_markdown_url": "https://finwiki.zksc.io/fintech/state-charter-crypto-arbitrage-2025.md",
  "domain": "fintech",
  "title": "US Digital-Asset Charter Paths · 2025–2026 Evidence Matrix",
  "entry_type": "wiki_entry",
  "frontmatter": {
    "title": "US Digital-Asset Charter Paths · 2025–2026 Evidence Matrix",
    "aliases": [
      "state-charter-crypto-arbitrage-2025",
      "wyoming-spdi-vs-occ",
      "custodia-kraken-financial-charter",
      "nevada-digital-asset-bank",
      "nydfs-bitlicense-exit",
      "texas-crypto-regulator-wins",
      "occ-vs-state-turf-war"
    ],
    "domain": "fintech",
    "type": null,
    "created": "2026-05-25",
    "last_updated": "2026-07-30",
    "last_tended": "2026-07-30",
    "review_by": "2026-11-25",
    "confidence": "certain",
    "tags": [
      "fintech",
      "2026-event",
      "state-charter",
      "wyoming",
      "nevada",
      "new-york",
      "texas",
      "occ",
      "regulatory-arbitrage",
      "spdi",
      "bitlicense"
    ],
    "status": "active",
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    "related": [],
    "note": null,
    "sources": [
      "https://wyomingbankingdivision.wyo.gov/banks-and-trust-companies/special-purpose-depository-institutions",
      "https://wyomingbankingdivision.wyo.gov/banks-and-trust-companies/special-purpose-depository-institutions/spdi-call-report",
      "https://www.federalreserve.gov/newsevents/pressreleases/orders20230127a.htm",
      "https://www.ca10.uscourts.gov/sites/ca10/files/opinions/010111327582.pdf",
      "https://www.dfs.ny.gov/virtual_currency_businesses",
      "https://dob.texas.gov/sites/default/files/files/consumer-information/sm1037.pdf",
      "https://www.leg.state.nv.us/App/NELIS/REL/82nd2023/Bill/10492/Overview",
      "https://www.occ.treas.gov/topics/charters-and-licensing/interpretations-and-decisions/index-interpretations-and-decisions.html",
      "https://www.supremecourt.gov/docket/docketfiles/html/public/26-62.html"
    ]
  },
  "summary": "There is no single federal-versus-state “arbitrage” score. An OCC national trust charter, Wyoming SPDI charter, New York BitLicense or limited-purpose trust charter, and Texas money-transmission determination confer different powers and obligations. None of them automatically grants a Federal Reserv",
  "headings": [
    "US Digital-Asset Charter Paths · 2025–2026 Evidence Matrix",
    "TL;DR",
    "Wiki route",
    "Verified path comparison",
    "Wyoming SPDI · verified scope",
    "Custodia · Federal Reserve access is separate",
    "Nevada AB 466 · correction",
    "New York · two authorization paths, not an “exodus” proxy",
    "Texas · activity-based money-transmission analysis",
    "Federal and state authority must be tested activity by activity"
  ],
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      "exchanges/us-crypto-licensing-multi-layer-system",
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      "fintech/jurisdiction-list-monetary-protectionism",
      "fintech/national-license-private-stablecoin-with-dpi-export",
      "fintech/occ-bank-charter-crypto-2025",
      "fintech/occ-trust-bank-charter-federal-stablecoin-arbitrage",
      "fintech/regulatory-window-strategic-acquisition"
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    "external_links_count": 11,
    "external_links": [
      "https://archive.leg.state.nv.us/Session/82nd2023/Reports/LastHistActionA.html",
      "https://dob.texas.gov/sites/default/files/files/consumer-information/sm1037.pdf",
      "https://www.ca10.uscourts.gov/sites/ca10/files/opinions/010111327582.pdf",
      "https://www.dfs.ny.gov/virtual_currency_businesses",
      "https://www.federalreserve.gov/newsevents/pressreleases/orders20230127a.htm",
      "https://www.leg.state.nv.us/App/NELIS/REL/82nd2023/Bill/10492/Overview",
      "https://www.occ.gov/topics/charters-and-licensing/interpretations-and-decisions/2025/int1183.pdf",
      "https://www.occ.treas.gov/topics/charters-and-licensing/interpretations-and-decisions/index-interpretations-and-decisions.html",
      "https://www.supremecourt.gov/docket/docketfiles/html/public/26-62.html",
      "https://wyomingbankingdivision.wyo.gov/banks-and-trust-companies/special-purpose-depository-institutions",
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