SAN FRANCISCO–The cryptocurrency exchange Coinbase is seeking a trust charter with the Office of the Comptroller of the Currency, but said it has “no intention” of becoming a bank.
In a public statement, Coinbase called the OCC application a “significant step in expanding our business capabilities and regulatory oversight beyond the existing framework, paving the way for innovation and growth in building a modern financial system powered by digital assets.”
‘Highest Standards’
The company said that by seeking a National Trust Company Charter from the OCC it is “aligning with its long history of securing licenses that hold Coinbase to the highest standards and position us to bridge the gap between the crypto economy and traditional financial system.
“Coinbase has no intention of becoming a bank. It is our firm belief that clear rules and the trust of our regulators and customers enable Coinbase to confidently innovate while ensuring proper oversight and security,” the statement continued. “If approved, the charter would continue to open up opportunities for Coinbase to launch new products beyond custody, including payments and related services, with the confidence of regulatory clarity, fostering broader institutional adoption.”
‘Uniform’ Regulations Sought
Coinbase said it will continue to operate under the oversight of the New Yor Department of Financial Services and its BitLicense framework.
“Coinbase has long sought uniform rules and regulations for crypto. While progress is underway in Congress to craft clear market structure, crypto is already woven into the fabric of the financial system,” the company added. “An OCC charter will streamline oversight for new offerings and enable continued innovation to integrate digital assets into traditional finance. We’re not the first crypto company to seek a federal charter and we won’t be the last.”
