Coinbase received conditional approval from the Office of the Comptroller of the Currency on Thursday for a national trust bank charter, enabling it to offer federally regulated crypto custody services and expand into payments while maintaining its existing New York Department of Financial Services supervision and BitLicense. The approval follows similar charters granted to Circle, Ripple, BitGo, Paxos Trust Company, and Fidelity Digital Assets last year, positioning these firms to potentially become qualified stablecoin issuers under the GENIUS Act federal framework signed into law last year. The Bank Policy Institute, representing America's largest banks, urged the OCC in October to reject crypto charter applications, arguing they blur statutory banking boundaries without adequate supervision. Senator Elizabeth Warren has criticized Comptroller Jonathan V. Gould's review process as politically compromised, particularly regarding World Liberty Financial's charter efforts due to its backing by President Donald Trump.
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