🏦 Coinbase receives full national trust charter from the U.S. Office of the Comptroller of the Currency
Coinbase, the largest cryptocurrency exchange in the United States, said the Office of the Comptroller of the Currency (OCC) has upgraded its previously conditional approval for Coinbase National Trust to a full national trust charter. The company received preliminary approval in April to offer federally regulated custody and payment services, but not to accept deposits and issue loans like a full-service bank. After several months of strengthening its compliance systems, hiring staff, and undergoing regulatory review, the OCC has granted final approval.
Coinbase Vice Chair Ryan VanGrack said the company has long called for clear rules and robust regulation, and that this approval brings more of its business under that framework. Last month, the OCC also granted Ripple a full trust charter. The Independent Community Bankers of America (ICBA) has sued the OCC, arguing that granting trust charters to crypto companies exceeds its authority.
⭐ Driven by the GENIUS stablecoin bill, crypto-native companies are moving more quickly into the U.S. federal banking system, while legal challenges from the traditional banking sector are also intensifying.
#Coinbase #OCC #regulation
Coinbase, the largest cryptocurrency exchange in the United States, said the Office of the Comptroller of the Currency (OCC) has upgraded its previously conditional approval for Coinbase National Trust to a full national trust charter. The company received preliminary approval in April to offer federally regulated custody and payment services, but not to accept deposits and issue loans like a full-service bank. After several months of strengthening its compliance systems, hiring staff, and undergoing regulatory review, the OCC has granted final approval.
Coinbase Vice Chair Ryan VanGrack said the company has long called for clear rules and robust regulation, and that this approval brings more of its business under that framework. Last month, the OCC also granted Ripple a full trust charter. The Independent Community Bankers of America (ICBA) has sued the OCC, arguing that granting trust charters to crypto companies exceeds its authority.
⭐ Driven by the GENIUS stablecoin bill, crypto-native companies are moving more quickly into the U.S. federal banking system, while legal challenges from the traditional banking sector are also intensifying.
#Coinbase #OCC #regulation
