SAN FRANCISCO — Coinbase has received final approval from the Office of the Comptroller of the Currency to operate a nationally chartered trust bank, expanding the cryptocurrency exchange’s federally regulated activities, according to a report by CoinDesk.
The company said the OCC upgraded Coinbase National Trust from the conditional approval it received in April after the firm developed compliance systems, hired staff and underwent additional regulatory review, CoinDesk reported.
The charter allows Coinbase to provide custody and payment services under federal oversight. It does not authorize the company to operate as a conventional commercial bank accepting deposits and making loans.
Coinbase joins a growing number of cryptocurrency companies pursuing national trust charters as the industry seeks a larger role in the U.S. financial system. CoinDesk reported that the trend accelerated following passage of the GENIUS Act, which established a framework for payment stablecoins.
Last month, the OCC granted Ripple a full trust charter, according to CoinDesk. The agency also has issued conditional approval to World Liberty Financial, a cryptocurrency venture associated with President Donald Trump’s family.
‘Years Asking for Rules’
“We’ve spent years asking for clear rules and rigorous oversight, and today’s approval of our national trust charter puts more of our business behind that commitment,” Coinbase Vice Chairman Ryan VanGrack said in a statement cited by CoinDesk. He called the decision a step toward integrating digital assets into the U.S. financial system.
The expansion comes amid objections from traditional banking groups. The Independent Community Bankers of America has sued the OCC, arguing that the agency exceeded its authority by granting national trust charters to cryptocurrency companies, CoinDesk reported.
The approvals mark a shift from previous years, when federal banking and financial regulators took a more cautious approach toward cryptocurrency firms seeking entry into the regulated banking system.
