Crypto exchanges have officially entered the banking system: Coinbase announced today that it has received a full national trust bank charter from the U.S. Office of the Comptroller of the Currency (OCC). The Coinbase National Trust Company charter took effect last Friday. Its business of holding $245.7 billion in institutional assets will now be subject to federal banking regulation. But don't get it wrong—this isn't a commercial banking charter: it can't accept retail deposits, make loans, or issue stablecoins directly, and its New York custody business will take three years to gradually move over. Circle in July and Ripple in October got there first; the license is the framework behind RLUSD. Meanwhile, the Community Bankers Association sued the OCC on October 2, accusing it of overstepping its authority, and Senator Warren also called the move illegal. The charter is in hand, but the lawsuits are just beginning.#Coinbase #OCC