Coinbase Secures Full National Trust Bank Charter Approval
New York, NY – Coinbase, the largest cryptocurrency exchange in the United States, has received final approval for its national trust bank charter, moving beyond the conditional status granted earlier this year. The U.S. Office of the Comptroller of the Currency (OCC) has officially signed off on Coinbase National Trust, enabling the exchange to operate under a fully sanctioned federal trust charter.
Path to Full Approval
The company initially received provisional approval in April, which allowed it to offer federally regulated custody and payment services. However, this conditional status did not permit Coinbase to accept customer deposits or issue loans, functions typically associated with traditional banks. In the intervening months, Coinbase stated it focused on establishing robust compliance systems, recruiting necessary personnel, and undergoing extensive regulatory reviews to achieve final clearance.
A Growing Trend in the Crypto Sector
This development places Coinbase in company with Ripple, which also secured full OCC approval for its national trust bank charter last month, following a conditional clearance in December 2025. Ripple had originally applied for the charter in July 2025.
The trend of cryptocurrency firms seeking to operate under U.S. banking regulations has accelerated, particularly following the passage of the GENIUS Act. Under the Trump administration, the OCC has demonstrated increased receptiveness to crypto businesses and stablecoin providers, including granting conditional trust status to World Liberty Financial, an entity connected to the Trump family.
Circle Internet Group has already obtained final approval to utilize the federal framework for its USDC stablecoin operations. Several other prominent players in the digital asset space are still navigating the approval process.
For instance, Stripe-owned Bridge received conditional approval to establish a national trust bank for its USDB stablecoin, reserve management, and digital asset custody services. Crypto.com also secured conditional approval for its national trust bank, which will cover custody, staking, and trade settlements. Paxos, BitGo, and Fidelity Digital Assets have similarly received preliminary conditional grants.
Industry Pushback and Legal Challenges
The increasing number of approvals has drawn significant opposition from the Independent Community Bankers of America (ICBA). The ICBA recently filed a lawsuit against the OCC, challenging a rule published in March 2026. This rule clarified that national trust banks could engage in certain non-fiduciary activities.
ICBA President and CEO Rebeca Romero Rainey argued that Congress never intended these charters to serve as a loophole for crypto firms to acquire the legitimacy of a federal banking license without adhering to the same stringent requirements as traditional banks. These requirements include FDIC insurance, Community Reinvestment Act obligations, and more rigorous capital and liquidity rules. The ICBA contends that the OCC’s current approach provides crypto companies with an unfair advantage by allowing them to bypass essential banking regulations. Through its lawsuit, the ICBA is urging a federal court in Washington, D.C., to invalidate the OCC’s final rule and its related Interpretive Letter N1176.
