Coinbase is making waves in the financial industry as it pushes for a national trust bank charter, aiming to solidify its position as a regulated entity offering crypto services. However, the journey isn’t without resistance from traditional banking groups.
Bank Lobbyists Oppose Coinbase’s Move
Top banking organizations, including the Independent Community Bankers of America (ICBA) and the Bank Policy Institute (BPI), have raised concerns regarding Coinbase’s application to the Office of the Comptroller of the Currency (OCC). According to these groups, the move poses systemic and legal risks and undermines the traditional banking structure.
In their statements, the ICBA criticized Coinbase for vague public disclosures and reliance on
