- Coinbase is now a fully chartered national trust bank. The Office of the Comptroller of the Currency elevated Coinbase National Trust from conditional to full charter status, the biggest U.S. crypto exchange said, after provisional approval in April.
- The charter brings federal oversight to custody and payments, not deposits. It allows Coinbase to offer federally regulated custodial and payments services but not to act as a full-service bank that takes deposits and makes loans, and the company spent months building compliance systems, hiring staff and undergoing regulatory scrutiny to win sign-off.
- Crypto firms are rushing into the federal trust system. The OCC granted Ripple a full trust charter last month, many other firms are obtaining provisional charters as the agency implements the GENIUS Act on stablecoin issuance, and the OCC has even granted conditional trust status to the Trump family’s World Liberty Financial.
- Traditional banks are pushing back. The Independent Community Bankers of America has sued the OCC, arguing the agency overstepped its authority by granting trust charters to crypto firms, setting up a legal test of the crypto-friendly regulatory shift under President Donald Trump.
What Happened?
The OCC signed off on Coinbase’s full national trust charter, upgrading the conditional status the exchange won in April, according to the company. Coinbase pursued the charter as part of an industry-wide push for federal trust-bank status that accelerated after the GENIUS Act cleared a path for federal trusts to issue compliant stablecoins. “The OCC’s approval is another major step in integrating digital assets into the core infrastructure of the American financial system,” Coinbase Vice Chairman Ryan VanGrack said, adding that the company has “spent years asking for clear rules and rigorous oversight.” Coinbase shares were up 2.3% at $137.86 as of 10:45 a.m. ET, according to CNBC data.
Why It Matters?
A full federal trust charter moves a core part of Coinbase’s custody and payments business under a national bank regulator, which strengthens its pitch to institutions that want regulated counterparties for digital assets and stablecoins. The approval marks a sharp reversal from years in which banking, securities and derivatives regulators resisted crypto firms and often treated them with distrust. It also raises the competitive stakes for traditional lenders, and community banks have already taken the OCC to court over the charters.
What’s Next?
The ICBA lawsuit is the main risk to watch, since a ruling against the OCC could slow or complicate the wave of crypto trust charters. More provisional charter holders are likely to seek full status as the GENIUS Act framework is implemented, and investors will watch whether Coinbase uses the trust structure to expand stablecoin-related and institutional custody services. Charter approvals for politically connected firms such as World Liberty Financial could also draw scrutiny.
Affected Tickers and Coins: COIN, XRP
Source: CoinDesk, CNBC Market Data
