Friday, 10 Oct 2025
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA
logo logo
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
  • 🔥
  • Trump
  • VIDEO
  • House
  • White
  • ScienceAlert
  • Trumps
  • Watch
  • man
  • Health
  • Season
Font ResizerAa
American FocusAmerican Focus
Search
  • World
  • Politics
  • Crime
  • Economy
  • Tech & Science
  • Sports
  • Entertainment
  • More
    • Education
    • Celebrities
    • Culture and Arts
    • Environment
    • Health and Wellness
    • Lifestyle
Follow US
© 2024 americanfocus.online – All Rights Reserved.
American Focus > Blog > Economy > Coinbase applies for federal trust banking license, says ‘we have no ambitions to be a bank’
Economy

Coinbase applies for federal trust banking license, says ‘we have no ambitions to be a bank’

Last updated: October 5, 2025 12:12 pm
Share
Coinbase applies for federal trust banking license, says ‘we have no ambitions to be a bank’
SHARE

Coinbase Global (COIN) has submitted an application for a national trust bank license, aligning itself with other cryptocurrency companies that are pursuing a credential that has caused some apprehension within the banking sector.

The firm aims to obtain this innovative banking charter from the Office of the Comptroller of the Currency (OCC) to expand its institutional custody services, as noted by Coinbase’s vice president and head of institutional product, Greg Tusar.

“We’re thrilled about the possibility of acquiring a national trust charter for our custody operations, and we believe it will open up various opportunities for us in the future,” Tusar expressed during an interview.

Employees of Coinbase, the largest cryptocurrency exchange in the US, observe as their listing debuts on the Nasdaq MarketSite digital screen at Times Square in New York on April 14, 2021. (Reuters/Shannon Stapleton)

Employees of Coinbase, the largest cryptocurrency exchange in the US, observe as their listing debuts on the Nasdaq MarketSite digital screen at Times Square in New York on April 14, 2021. (Reuters/Shannon Stapleton) · REUTERS / Reuters

In contrast to a full-service national bank charter, a national trust bank license does not enable a company to provide loans or accept deposits, and customer accounts typically lack FDIC insurance. Instead, this license allows a firm to protect client assets, facilitate payments and other transactions on behalf of clients, and settle certain transactions.

This special-purpose national bank charter also permits companies to manage and safeguard stablecoin reserves.

Stablecoins are digital currencies tied to the value of a dollar, a different fiat currency, or gold. They maintain their value through reserves, which are commonly composed of cash or US Treasury securities. In July, President Trump signed the inaugural piece of legislation establishing a federal framework for dollar-pegged payment stablecoins, designating the OCC as the main federal authority.

Read more: How stablecoins work

Currently, only one cryptocurrency entity, Anchorage Digital, possesses a national trust bank license. However, this year, over a dozen different businesses have applied for such a license according to the OCC’s records. This includes several prominent cryptocurrency firms dealing with stablecoins, like Circle (CRCL), Ripple (RIPL.PVT), Bitgo, and Paxos.

See also  Brazil’s Nubank applies for US banking charter

Banks and their lobbyists are expressing dissatisfaction regarding these applications, citing concerns about the intentions and business models of the applicants, including worries that some may exploit the license to offer a deposit-like banking service utilizing stablecoins without appropriate regulatory scrutiny.

“Allowing deposit-like capabilities through a trust charter creates an uneven playing field and circumvents Congress and the regulatory framework,” asserted Mickey Marshall, regulatory counsel for Independent Community Bankers of America, in a recent opinion piece published earlier this week.

Crypto at a crossroads: President Trump endorses the GENIUS Act, formalizing the use of stablecoins, which are cryptocurrencies linked to stable assets such as the US dollar or US bonds. (Brendan Smialowski/AFP)

Crypto at a crossroads: President Trump endorses the GENIUS Act, formalizing the use of stablecoins, which are cryptocurrencies linked to stable assets such as the US dollar or US bonds. (Brendan Smialowski/AFP) · BRENDAN SMIALOWSKI via Getty Images

According to Tusar, Coinbase does not intend to transition into a comprehensive banking institution. Instead, he characterized the trust bank application as a vital credential for its custody business, which is central to the prime brokerage segment that Coinbase is developing.

TAGGED:ambitionsAppliesBankbankingCoinbaseFederallicensetrust
Share This Article
Twitter Email Copy Link Print
Previous Article Missouri College Student Arrested After Discussing Car Vandalism Spree with ChatGPT | The Gateway Pundit | by Cassandra MacDonald Missouri College Student Arrested After Discussing Car Vandalism Spree with ChatGPT | The Gateway Pundit | by Cassandra MacDonald
Next Article NYPD hero cop Joseph Michael Herbert, who nabbed notorious ‘New York Zodiac Killer,’ dead at 68 NYPD hero cop Joseph Michael Herbert, who nabbed notorious ‘New York Zodiac Killer,’ dead at 68
Leave a comment

Leave a Reply Cancel reply

Your email address will not be published. Required fields are marked *

Popular Posts

Center-right opposition wins German election, with the far right coming in 2nd : NPR

Friedrich Merz, the candidate of the mainstream conservative Christian Democratic Union party, gestures while addressing…

February 23, 2025

Black American Ghost Stories to Haunt Your Halloween Nights

It serves as a reminder that some wounds run so deep that they cannot be…

September 20, 2025

Former FAA contractor Abouzar Rahmati pleads guilty to spying for Iran, sharing private info on US airports, energy industry

A naturalized US citizen residing in Great Falls, Virginia, has admitted to collaborating with Iranian…

April 17, 2025

A siege on science: How Trump is undoing an American legacy

President Trump's first 100 days in office have brought significant changes to climate and environmental…

April 28, 2025

Lauren Boebert, Trisha Calvarese run for Congress on Eastern Plains

In a typical election year, Colorado’s 4th Congressional District would be all but written off.…

October 13, 2024

You Might Also Like

Why Is Wolfspeed Stock Soaring Today?
Economy

Why Is Wolfspeed Stock Soaring Today?

October 10, 2025
NY AG Letitia James using Hunter Biden’s ex-defense attorney to fight bombshell federal indictment
World News

NY AG Letitia James using Hunter Biden’s ex-defense attorney to fight bombshell federal indictment

October 10, 2025
Drake’s Federal Defamation Lawsuit Against UMG Over ‘Not Like Us’ Dismissed
Entertainment

Drake’s Federal Defamation Lawsuit Against UMG Over ‘Not Like Us’ Dismissed

October 10, 2025
Cybersecurity agency that clashed with Trump one of the first hit with federal firings due to government shutdown
World News

Cybersecurity agency that clashed with Trump one of the first hit with federal firings due to government shutdown

October 10, 2025
logo logo
Facebook Twitter Youtube

About US


Explore global affairs, political insights, and linguistic origins. Stay informed with our comprehensive coverage of world news, politics, and Lifestyle.

Top Categories
  • Crime
  • Environment
  • Sports
  • Tech and Science
Usefull Links
  • Contact
  • Privacy Policy
  • Terms & Conditions
  • DMCA

© 2024 americanfocus.online –  All Rights Reserved.

Welcome Back!

Sign in to your account

Lost your password?