Coinbase has secured full approval from the US Office of the Comptroller of the Currency (OCC) for its national trust bank charter, the exchange announced. The approval moves Coinbase beyond the conditional status it received earlier this year and allows it to operate under a fully approved federal trust charter.
From Provisional to Full Approval
Coinbase initially received provisional approval in April, which permitted federally regulated custody and payment services but did not allow the company to take customer deposits or issue loans like a traditional bank. In the months since, Coinbase said it built compliance systems, hired required staff, and underwent regulatory reviews before obtaining final approval.
The development places Coinbase alongside Ripple, which secured full OCC approval last month for its own national trust bank charter after receiving conditional clearance in December 2025. Ripple had initially applied in July 2025.
Growing Interest in Federal Charters
More crypto firms are seeking to bring their services under US banking regulations, a trend that has accelerated following the passage of the GENIUS Act. Under President Donald Trump, the OCC has shown greater openness toward crypto businesses and stablecoin providers, including granting conditional trust status to World Liberty Financial, which is linked to Trump’s family.
Circle Internet Group has already received final approval to use the federal framework for its USDC stablecoin operations. Several other major players are still working through the process. 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, covering custody, staking, and trade settlements. Paxos, BitGo, and Fidelity Digital Assets have received similar preliminary conditional grants.
Industry Lawsuit Challenges OCC Rule
The growing number of clearances has drawn pushback from the Independent Community Bankers of America (ICBA), which recently filed a lawsuit against the OCC. The dispute centers on an OCC rule published in March 2026 that clarified national trust banks can also carry out certain non-fiduciary activities.
ICBA President and CEO Rebeca Romero Rainey said Congress never intended these charters to become a shortcut for crypto firms to gain the credibility of a federal banking license without meeting the same requirements as traditional banks. These include FDIC insurance, Community Reinvestment Act obligations, and stricter capital and liquidity rules. The group argues the OCC’s approach gives crypto companies an unfair advantage while avoiding important banking requirements. Through the lawsuit, ICBA urged a federal court in Washington, DC, to strike down the OCC’s final rule and related Interpretive Letter N1176.
