Key takeout
Coinbase has applied to the OCC for the National Trust Company Charter. This application focuses on Coinbase’s custody, but if granted, Coinbase can expand to payments and related financial services under federal surveillance.
Please share this article
Coinbase applied for the National Trust Company Charter from the US Secretary of the U.S. Currency Secretary (OCC) office and joined Ripple and Circle to pursue federal oversight to expand its digital asset services.
The company, which operates one of the world’s largest crypto exchanges, is regulated under a patchwork of state licenses, including the New York Financial Services (NYDFS) Bitlicense.
Adding national OCC charters in addition to existing New York state licensing will strengthen Coinbase’s custody business and create new product opportunities such as payments and related services.
“Coinbase has no intention of becoming a bank,” the company said, focusing on bridging the gap between the crypto economy and the traditional financial system.
Since 2015, the NYDFS Bitlicense framework has provided operational surveillance to crypto companies. Coinbase sees OCC charters as a way to streamline monitoring of new products and continue innovation in traditional financial integration.
“We are not the first crypto company to seek a federal charter. We are not the last,” Coinbase said, adding that it will work with OCC staff throughout the review process and address feedback through public comments.
Circle, Ripple, Bitgo and Paxos are trying to achieve the bank’s charter amid increased opportunities for deeper integration with regulatory changes and traditional funds.
Anchorage Digital is the only crypto company to acquire the National Trust Charter from OCC. CEO Nathan McCauley said the achievement of the license includes key compliance spending and involvement in close regulations.
Please share this article
