Hey folks!! Big news on Coinbase: its federal trust charter has officially come through!!!
Coinbase said in its official blog (November 9) that the Office of the Comptroller of the Currency (OCC) has granted Coinbase National Trust Company final approval～ CoinDesk also spotted the news that same day: the conditional approval from April has now been upgraded to a formal national trust bank charter. The company says the OCC approved it last Friday (November 6).
Just a heads-up: this isn’t the kind of commercial bank that takes deposits and makes loans, haha. Coinbase made it very clear too: it won’t take retail deposits or use fractional-reserve banking; the main goal is to bring its custody business under a federal regulatory framework, with payment products potentially rolling out over time. Its BitLicense and state trust charter from the New York State Department of Financial Services (NYDFS) are still in place～
On the same front, Ripple also received a formal OCC trust charter last month. But community banks aren’t happy: the Independent Community Bankers of America (ICBA) has sued the OCC, saying it overstepped its authority by granting this kind of charter to crypto companies!!!
Honestly, don’t take “getting a charter” to mean Bitcoin is about to take off tomorrow and that’s the whole story～ This is more about institutional custody moving closer to the traditional financial system. It’s a real long-term development, but in the short term we still need to see actual buying with real money.
I just checked CoinGecko: Bitcoin is around 74,800 (pretty much flat over 24h), ETH around 2,121, BNB around 689, and SOL around 86; the Fear & Greed Index is at 32, still in fear territory～
What do you think—does this kind of federal custody charter matter much to everyday users, or does it mainly make it easier for institutions to get involved?
$BTC $ETH
#监管 #Crypto
Coinbase said in its official blog (November 9) that the Office of the Comptroller of the Currency (OCC) has granted Coinbase National Trust Company final approval～ CoinDesk also spotted the news that same day: the conditional approval from April has now been upgraded to a formal national trust bank charter. The company says the OCC approved it last Friday (November 6).
Just a heads-up: this isn’t the kind of commercial bank that takes deposits and makes loans, haha. Coinbase made it very clear too: it won’t take retail deposits or use fractional-reserve banking; the main goal is to bring its custody business under a federal regulatory framework, with payment products potentially rolling out over time. Its BitLicense and state trust charter from the New York State Department of Financial Services (NYDFS) are still in place～
On the same front, Ripple also received a formal OCC trust charter last month. But community banks aren’t happy: the Independent Community Bankers of America (ICBA) has sued the OCC, saying it overstepped its authority by granting this kind of charter to crypto companies!!!
Honestly, don’t take “getting a charter” to mean Bitcoin is about to take off tomorrow and that’s the whole story～ This is more about institutional custody moving closer to the traditional financial system. It’s a real long-term development, but in the short term we still need to see actual buying with real money.
I just checked CoinGecko: Bitcoin is around 74,800 (pretty much flat over 24h), ETH around 2,121, BNB around 689, and SOL around 86; the Fear & Greed Index is at 32, still in fear territory～
What do you think—does this kind of federal custody charter matter much to everyday users, or does it mainly make it easier for institutions to get involved?
$BTC $ETH
#监管 #Crypto