Coinbase (COIN) announced on Friday that it has applied for a national trust charter with the U.S. Office of the Comptroller of the Currency (OCC), a move that would place the crypto exchange under federal regulatory oversight if approved. The charter would enable Coinbase to expand beyond its existing custody business into services such as payments and settlement, without pursuing a full-service bank charter. Greg Tusar, vice president of institutional product at Coinbase, stated in a blog post, "Coinbase has no intention of becoming a bank." He emphasized that clear rules and regulatory trust allow for confident innovation while ensuring oversight and security.
Currently, Coinbase operates Coinbase Custody Trust Company (CCTC), which is licensed under New York state's BitLicense regime established in 2015. This state-level framework was one of the earliest for crypto regulation in the U.S. However, a federal trust charter would provide more flexibility by allowing Coinbase to offer services nationwide without needing individual state approvals, effectively nationalizing oversight under a single regulator. This application follows similar moves by other crypto companies, including Circle (issuer of USDC stablecoin), Ripple, and Paxos, which have also sought OCC trust charters in 2025.
The OCC has previously clarified that national banks can custody digital assets, use stablecoins for payments, and participate in blockchain settlement networks with proper risk controls. Historically, the OCC's approach to crypto charters has faced challenges, such as lawsuits from state regulators, but the trust charter path is rooted in existing law and has been tested in court. Anchorage Digital became the first crypto firm to receive such a charter in 2021, though it later faced a consent order over compliance issues.
For Coinbase, securing an OCC charter would bolster its role as a "qualified custodian" under SEC rules, enhancing its appeal to institutional investors. Approval is not automatic, as the OCC imposes strict conditions on capital, liquidity, governance, and anti-money laundering controls. If granted, it would position Coinbase alongside traditional national trust companies, enabling unified service offerings across the U.S. and supporting its broader push into regulated infrastructure, including futures supervised by the CFTC and potential tokenized securities if SEC pathways open.