Coinbase Wins OCC Charter as Senate Presses Crypto Firms…
By Abdelaziz Fathi
AI summary of the source article
The OCC granted final conditional approval for Coinbase National Trust Company to provide fiduciary digital asset custody services under federal supervision. The approval comes as U.S. lawmakers intensify scrutiny into crypto trust charters and demand records from several industry firms.
Why it matters
The distinction matters because the federal charter may simplify Coinbase's institutional operating framework without granting all the permissions or protections associated with insured deposit-taking institutions.
Key facts
- The OCC granted final approval to Coinbase National Trust Company on November 6, 2026, requiring a minimum $60 million Tier 1 capital buffer.
- The national trust charter permits digital asset custody for institutional clients but does not authorize deposit-taking or commercial lending.
- Senator Elizabeth Warren is questioning the legal basis of crypto trust charters, while Senator Richard Blumenthal demanded compliance records from firms including Binance and Tether.
Source excerpt · FinanceFeeds
Coinbase has received final federal approval for its national trust company, giving its cryptocurrency custody business a new regulatory structure as U.S. lawmakers intensify scrutiny of crypto banking charters and demand records from Binance, Tether and businesses linked to President Donald Trump.The Office of the Comptroller of the Currency (OCC) granted final conditional approval to Coinbase Na…