Lawrence Jengar
Oct 04, 2025 10:58
America’s largest crypto exchange joins Circle, Ripple, and Paxos in race for federal oversight as stablecoin regulations reshape industry
Looks like Coinbase wants to play ball with the feds. The crypto giant just filed for a National Trust Company Charter – but they’re adamant about one thing: they’re not becoming a bank.
What’s the big deal? The application to the Office of the Comptroller would let Coinbase skip the headache of state-by-state approvals for custody and payment services. It’s a major shift from their current setup under New York’s BitLicense rules.
They’re not alone in this game. Circle, Ripple, Paxos, and BitGo have all knocked on the OCC’s door this year. But right now, Anchorage Digital’s the only crypto player with this golden ticket.
The timing’s interesting. After Trump signed that landmark stablecoin law in July putting the OCC in charge, crypto companies are racing to get federal blessing. And why not? It’s finally clear who’s calling the shots.
“Coinbase has no intention of becoming a bank,” insists Greg Tusar, their VP of institutional product. But here’s what they do want: the power to safeguard assets, manage stablecoin reserves, and handle payment settlements. Plus, they won’t need partner banks for those pesky on-ramp and off-ramp services anymore.
Right now, crypto exchanges are juggling different rules in every state. It’s a mess. Federal oversight would clean that up fast, letting them operate nationwide under one set of rules.
And institutional investors? They love this stuff. Federal oversight means credibility, and credibility means more big players might jump in. Yet the OCC moves at its own pace – we could be waiting months or even years for approval.
But here’s the real story: crypto’s growing up. Instead of dodging regulators, major players are asking for oversight. Who’d have thought? Sure, better consumer protection might cost more, and those costs could hit your wallet. But isn’t that better than the Wild West we’ve had?
What’s next? Coinbase’s move shows crypto’s ready to work within the system. And with stablecoin rules now on the books, Washington’s just getting started. The pressure’s on for broader crypto oversight – and this time, the industry seems ready to deal.
Frequently Asked Questions
Is Coinbase becoming a bank?
No, Coinbase explicitly states they are not becoming a bank. They are seeking a National Trust Company Charter to simplify their custody and payment services operations.
Why is Coinbase applying for a federal charter?
Coinbase is applying for a federal charter to avoid the complexity of state-by-state approvals for custody and payment services, streamlining their regulatory compliance.
Which other crypto companies have applied for federal charters?
Circle, Ripple, Paxos, and BitGo have applied for federal charters. Currently, Anchorage Digital is the only crypto company that has received approval.
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