Coinbase Receives Conditional OCC Approval for National Trust Charter

Apr 3, 2026

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.

Coinbase's National Trust Charter Approval and Strategic Implications

▪Coinbase Custody Trust Company obtained a limited purpose trust charter from the New York Department of Financial Services in 2018.
▪The 2018 New York Department of Financial Services charter established Coinbase as a qualified custodian, allowing it to safeguard securities on behalf of investment advisors.
▪Coinbase will continue to operate under the New York Department of Financial Services supervision and its BitLicense framework.

Regulatory Framework and Stablecoin Legislation Context

▪Anchorage Digital became the first federally chartered digital asset bank in 2021.

Industry-Wide Crypto Banking Expansion and Political Controversy

▪Senator Elizabeth Warren raised concerns regarding World Liberty Financial's efforts to attain a national trust charter.
▪The Bank Policy Institute urged the Office of the Comptroller of the Currency to reject a spate of charter applications in October.
▪World Liberty Financial is backed by President Donald Trump.
▪Kraken secured approval for a Federal Reserve master account in early March.
▪Senator Elizabeth Warren argued that Jonathan V. Gould's refusal to delay review for World Liberty Financial amounted to a sham.
▪The Federal Reserve master account gives Kraken access to the Federal Reserve's core payment services.

Perspective of Bank Policy Institute

▪The Bank Policy Institute urged the OCC to reject multiple crypto charter applications in October.

Perspective of Senator Elizabeth Warren

▪Senator Elizabeth Warren characterized Jonathan V. Gould's charter review process for World Liberty Financial as a sham.
▪Senator Elizabeth Warren raised concerns about World Liberty Financial receiving favorable treatment due to its backing by President Donald Trump.