Coinbase Secures Conditional U.S. Trust Charter, Sparks Industry Debate
Coinbase has won conditional U.S. approval for a national trust charter, a move that expands its financial services role but faces swift industry backlash.
Coinbase (COIN:NASDAQ) has obtained conditional approval from the U.S. Office of the Comptroller of the Currency (OCC) to establish a national trust company, a significant regulatory victory that could deepen its integration into the traditional financial system. The charter would allow Coinbase to hold customer funds and securities directly, potentially streamlining its services and reducing reliance on third-party custodians. While the company framed the approval as a step toward greater regulatory clarity, the move immediately drew criticism from some industry participants. Competitors and traditional finance advocates argued that granting a crypto firm a national bank-like charter sets a concerning precedent and could expose the financial system to new risks. Coinbase stated it would work to meet the OCC's conditions before finalizing the charter, emphasizing its commitment to compliance and security. The decision comes as other crypto firms seek similar regulatory pathways amid a shifting landscape for digital asset oversight in Washington.