Coinbase Gets Full Trust Charter From OCC
Coinbase can now operate as a fully chartered trust bank under federal oversight from the OCC. The move strengthens the role of crypto custody and stablecoins in the U.S. financial system.
Key Takeaways
- Coinbase has received a full trust charter from the OCC and can now operate as a fully chartered trust bank.
- Its earlier preliminary status only allowed custody and payment services under federal oversight, not full banking activities.
- The approval fits into a broader U.S. trend, while banking groups are legally challenging the OCC's broad crypto powers.
Coinbase can now operate as a fully chartered trust bank after the U.S. Office of the Comptroller of the Currency turned its earlier preliminary status into a full trust charter. For the largest crypto exchange in the U.S., that is an important step because it moves the company closer to the traditional banking system without becoming a full bank itself.
From Preliminary to Full
Coinbase National Trust had already received preliminary approval in April. That allowed the company to offer custody and payment services under federal oversight, but not full banking activities such as taking deposits or making loans. According to Coinbase, the company has spent the past few months working on compliance, adding staff, and meeting the regulator's requirements, after which the OCC gave the green light for the full license.
The company said the approval fits with its push for clear rules and strict oversight. Vice President Ryan VanGrack called the decision a new step toward bringing digital assets closer to the core of the U.S. financial system.
More Pressure on the OCC
Coinbase's move fits into a broader trend in which crypto companies in the U.S. are trying to get trust bank status at the federal level. That gained extra momentum after the GENIUS Act created room for federal trusts to issue compliant stablecoins. Under President Donald Trump, the OCC has more often shown an open attitude toward crypto and stablecoins, including with preliminary trust status for World Liberty Financial, the company owned by his family.
At the same time, resistance is also growing. The Independent Community Bankers of America has sued the OCC and says the regulator is stretching its authority too far by giving crypto companies trust charters for major non-fiduciary activities. That case shows the debate over crypto's role in the U.S. banking system is far from over.
Why This Matters in Europe
For European crypto followers, this matters because it shows how far major U.S. players have already gone in trying to operate inside the regulated financial system. For companies working under MiCA, such as European platforms and service providers, the U.S. direction still matters as a reference point for custody, payments, and stablecoins. The outcome of the legal fight around the OCC could therefore have a wider impact on how regulators view crypto infrastructure.