OCC Grants Coinbase Conditional Approval for National Trust Charter

The Office of the Comptroller of the Currency (OCC) granted conditional approval to Coinbase Global on April 2, 2026, to establish a national trust bank charter. This preliminary step allows the cryptocurrency exchange to move toward operating as a federally regulated crypto custodian and developing payment infrastructure, which the company believes will attract institutional investors and reduce its reliance on volatile trading fees.

Coinbase clarified that it will not operate as a commercial bank, take retail deposits, or engage in fractional reserve banking. To secure final approval, the company must meet OCC requirements regarding risk management, compliance systems, and anti-money laundering controls. Coinbase executives stated that federal oversight will provide the consistency needed to innovate with confidence in the U.S. market.

The decision sparked significant opposition from traditional banking trade groups and financial institutions. The ICBA and Americans for Financial Reform Education Fund argued the move is dangerous and could increase the risk of a financial crisis. Similarly, Bank of America and the Bank Policy Institute expressed concerns that crypto-linked products, specifically interest-bearing stablecoins, could disrupt traditional credit channels and drain deposits from the banking system.

OCC Comptroller Jonathan Gould defended the approval, stating that the agency is focused on undoing trends of stagnation in new bank formation to foster a more diverse banking system. This regulatory shift occurs alongside legislative disputes in Washington over the US Digital Asset Market Clarity Act, where disagreements regarding stablecoin rewards have delayed a Senate Banking Committee markup.