Coinbase Wins Final OCC Approval to Charter a National Trust Company for Crypto Custody

AI summary of the source article

Coinbase has received final approval from the Office of the Comptroller of the Currency to charter Coinbase National Trust Company. The charter establishes a federal trust entity for Coinbase's crypto custody business.

Why it matters

Coinbase stated that the charter brings "clear and consistent federal uniformity" to its custody business, "opens the door to expanded custody capabilities," and "lays the foundation for potential future payment and stablecoin services."

Key facts

• The OCC granted final approval to charter Coinbase National Trust Company for crypto custody following more than a year of engagement.
• Coinbase stated the charter opens the door to expanded custody capabilities and lays the foundation for potential future payment and stablecoin services.
• The Independent Community Bankers of America sued the OCC on Oct. 2, challenging its authority to issue national trust charters to crypto firms.