Coinbase has achieved a significant milestone by receiving conditional approval from the Office of the Comptroller of the Currency for a national trust bank charter, confirmed on April 2. The approval positions Coinbase to offer federally regulated digital asset custody services nationwide under a single federal license. This makes Coinbase the first major U.S. crypto exchange to clear this specific federal regulatory hurdle, with the conditional charter allowing the company to operate a national trust bank focused on digital asset custody and related settlement services.
Coinbase Chief Legal Officer Paul Grewal expressed confidence in the approval, stating that consistent rules and regulatory trust enable innovation with confidence. However, the approval has faced criticism from traditional financial institutions, with the Independent Community Bankers of America describing the OCC's direction as a 'grave mistake' and arguing that digital asset firms are accessing bank-like federal status under lighter regulatory conditions than traditional banks face. The Bank Policy Institute has even considered potential legal action against the OCC over what it describes as an improper reinterpretation of federal licensing rules.
