Coinbase has received unconditional approval from the Office of the Comptroller of the Currency to operate under a national trust bank charter. The federal framework replaces a patchwork of state-level crypto licenses and allows the company to expand its digital asset custody, stablecoin and payments services. The OCC has processed nearly two dozen charter applications under the second Trump administration, with more than a dozen going to cryptocurrency companies. Traditional banks are challenging the OCC’s interpretation in court, particularly because assets held in these trust banks are not covered by federal deposit insurance. The decision gives Coinbase greater regulatory certainty, but the outcome of the litigation could lead to tighter restrictions or the reversal of existing charters.
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