The US Office of the Comptroller of the Currency has granted conditional approval to cryptocurrency exchange Coinbase for a national bank trust charter, following roughly six months of review. The development was announced by Coinbase chief legal officer Paul Grewal in a post on X on Thursday. The OCC website had not yet reflected the change at the time of publication, still listing the application as received.
Coinbase’s approval follows a series of similar decisions issued in December for several other prominent crypto firms. Those earlier approvals were granted to Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos. The wave of approvals signals a notable shift in how US banking regulators are engaging with the digital asset industry.
Despite pursuing the charter, Coinbase has stated it has no intention of operating as a full bank. The trust charter is a more limited designation that allows firms to offer certain custodial and fiduciary services without taking on the full obligations of a commercial bank. The distinction is significant as crypto companies seek regulated pathways into traditional financial infrastructure.
Analysts and industry observers view the OCC’s recent actions as one of the most consequential steps yet toward integrating cryptocurrency firms with conventional finance. By granting trust charters to multiple digital asset companies in quick succession, the regulator appears to be establishing a clearer framework for crypto institutions seeking federal oversight. The move could influence how other firms structure their regulatory strategies going forward.
Cointelegraph contacted Coinbase for comment but did not receive an immediate response. The story is described as still developing, with further details expected as they become available. The conditional nature of the approval means Coinbase may still need to satisfy additional requirements before the charter is fully granted.
Originally reported by CoinTelegraph.
