SAN FRANCISCO, CA – Coinbase
is taking a significant step to deepen the integration between the
cryptocurrency and traditional financial sectors. The exchange announced
on October 3 that it has filed an application with the Office of the
Comptroller of the Currency (OCC) for a national trust company charter. This move signals aggressive expansion plans beyond its core custody services, aiming for broader crypto innovation.
The
company, Coinbase Inc. (Nasdaq: COIN), framed the decision as a means
to expand its custody arm and secure clearer regulatory oversight. It
stated that obtaining the charter would accelerate the integration of digital asset integration into traditional finance while upholding stringent compliance standards.
Coinbase
detailed its position on its blog, clarifying: "Coinbase has no
intention of becoming a bank. We strongly believe that clear rules and
trust from our regulators and customers allow Coinbase to innovate
confidently while ensuring adequate oversight and security." The crypto
firm further elaborated:
If
approved, the charter would continue to unlock opportunities for
Coinbase to launch new products beyond custody, including payments and
related services, with the confidence of regulatory clarity, fostering
broader institutional adoption.
The
company further explained: "An OCC charter will streamline oversight of
new offerings and enable continued innovation to integrate digital
assets into traditional finance." Coinbase also confirmed it will
continue operating under the New York Department of Financial Services
(NYDFS) framework via Coinbase Inc. and Coinbase Custody Trust Company.
CEO Brian Armstrong underscored the announcement on social media platform X, writing:
We’ve
prioritized regulatory compliance and customer trust since the day I
started Coinbase. A national trust company charter is the logical next
step that will help us unlock new innovations to integrate crypto and
traditional finance.
Coinbase
believes that securing a federal charter would unify supervision and
complement ongoing legislative discussions in Congress. The company
stated its commitment to working closely with OCC staff during the
review period and responding to agency feedback. This application also
reflects a broader industry trend, as other crypto firms explore federal
oversight to expand their offerings. In July, Ripple, for example,
filed for a national bank license with the OCC to place its stablecoin,
Ripple USD (RLUSD), under federal regulation—a clear sign that the
competition to align digital assets with traditional finance is
intensifying. This push for a national trust charter highlights Coinbase regulatory compliance as a top priority.
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