The Competitive Landscape: SoFi, OCC Trust Charters, and Industry Tension
LevelField enters an increasingly crowded frontier. SoFi Bank launched crypto trading last week, declaring itself the first and only nationally chartered, FDIC-insured bank to provide an integrated crypto “one-stop shop.”
Meanwhile, numerous crypto companies have turned to OCC trust charters to tap U.S. payment rails without navigating state-by-state licensing, though these charters offer narrower capabilities and do not equate to full-service banking authority.
Traditional banks, wary of potential systemic risks, have pushed back on crypto firms’ charter requests—while crypto advocates argue that expanding entry to the banking sector will boost competition and innovation.
Legal Team Steering the Deal
LevelField Financial is represented by a Hunton Andrews Kurth LLP team led by Carl Gross, Sumaira Shaikh and Peter Weinstock.
