Coinbase has submitted an application for a National Trust Company Charter to the U.S. Office of the Comptroller of the Currency (OCC), marking a significant step in its efforts to enhance its digital asset services. This initiative aligns Coinbase with other notable cryptocurrency entities such as Ripple and Circle, all of which are pursuing federal oversight for broader operational capabilities.
Currently, Coinbase operates under a complex framework of state-level regulations, including the New York Department of Financial Services (NYDFS) BitLicense. If granted the national charter, Coinbase would be able to strengthen its custody business and explore new product offerings, such as payments and additional financial services, under federal supervision.
Coinbase has clarified that it does not aim to function as a bank, reaffirming its commitment to bridging the gap between the cryptocurrency ecosystem and traditional financial systems. The existing NYDFS BitLicense framework has provided a regulatory baseline for crypto companies since its introduction in 2015, but Coinbase believes that acquiring an OCC charter will simplify regulatory oversight for new services and foster further innovation.
The company noted, “We’re not the first crypto company to seek a federal charter, and we won’t be the last,” indicating a growing trend among cryptocurrency firms to increase regulatory engagement and establish more comprehensive operational frameworks.
Other firms such as Circle, Ripple, BitGo, and Paxos are similarly seeking bank charters as regulatory dynamics shift and opportunities for closer integration with traditional finance arise. Among these companies, Anchorage Digital has distinguished itself as the only one to successfully obtain a national trust charter from the OCC. CEO Nathan McCauley highlighted that attaining this license required significant investments in compliance and ongoing dialogue with regulators.
As Coinbase moves forward with its application, it plans to collaborate closely with OCC staff during the review process and will address any feedback that arises during public comment periods. The outcome of this application could pave the way for expanded offerings in the realm of cryptocurrency, demonstrating a noteworthy evolution in the regulatory landscape surrounding digital assets.
