Cryptoupdated 1h ago3 min read
Coinbase Gets Final OCC Approval for Federal Trust Bank Charter
“The license could also open the door for Coinbase to launch stablecoins under its own name”
“the charter does not authorize it to issue stablecoins.”
This article is an automated aggregation of coverage from news outlets. Our editorials offer in-depth analysis curated by the NewsCord team.
OCC grants final approval for Coinbase National Trust Company charter, enabling federal custody oversight. Charter takes effect, elevating institutional custody under a national federal trust framework.
Save coverage image
Final OCC approval
Coinbase said the U.S. Office of the Comptroller of the Currency gave it final approval for its ability to operate under a federal banking charter, and Coinbase Prime trading and custody head Rick Schonberg said the approval will allow the company to operate its cryptocurrency business across a predictable federal framework.
Coinbase Vice Chairman Ryan VanGrack said the approval was “another major step in integrating digital assets into the core infrastructure of the American financial system,” and Coinbase also said the charter took effect on Nov. 6, according to the OCC’s public application record.
The charter covers Coinbase National Trust Company and supports institutional crypto custody under federal oversight, while the charter does not authorize ordinary retail deposits or commercial lending, and the OCC’s preliminary approval letter described the scope as holding clients’ digital assets as a fiduciary.
The OCC’s approval process began with Coinbase filing its application in October 2025 and receiving conditional approval in April, and Coinbase said it completed pre-opening requirements before the charter took effect.
The OCC’s chartering push has also produced a legal fight, with the Independent Community Bankers of America suing the OCC over national trust charters for crypto firms and Senator Elizabeth Warren calling the approvals illegal.
Senate oversight and 401(k)
Senator Richard Blumenthal sent follow-up letters to Binance, Tether, World Liberty Financial and Fight Fight Fight LLC, asking the firms to begin providing records by Nov. 30 and complete voluntary submissions by Jan. 4, 2027.
Blumenthal warned that failure to provide the documents could lead the panel to consider “alternative measures to obtain compliance,” and the subcommittee’s rules allow its chair to seek documents through subpoenas.
The Department of Labor advanced its 401(k) investment framework, and the department’s March proposal set six factors for assessing investments: expected performance, fees, liquidity, valuation, benchmarks and complexity.
The Department of Labor’s final-rule package went to White House review on Nov. 5, and federal records list the measure as pending with no set deadline for the review.
Coinbase’s national trust charter became effective on Nov. 6, and the OCC confirmed Coinbase’s national trust charter had taken effect while the Senate records deadline and retirement rule review moved in parallel.
What the charter changes
Coinbase said its national trust charter allows Coinbase National Trust Company to hold digital assets on behalf of clients as a fiduciary, and Coinbase plans segregated custody accounts for institutional clients with access to staking, financing and trading through other Coinbase entities. Coinbase’s charter application also outlined plans to explore digital asset payment products and custody services that would let clients interact with select smart contracts, and the charter does not authorize it to issue stablecoins. The OCC’s preliminary approval set conditions including a minimum of $60 million in Tier 1 capital and enough liquid assets to cover 180 days of operating expenses during its first three years, and the license does not automatically connect Coinbase to Federal Reserve payment systems.
Coinbase said it has served as a custodian for more than 14 years and plans to move its existing custody business to the national entity over three years, while Coinbase keeps its existing New York state trust charter and its BitLicense. The Independent Community Bankers of America urged the OCC in December to reject Coinbase’s application, arguing the exchange has “demonstrably flawed risk and control functions,” and the approvals have also been challenged by banking groups in court and by Senator Elizabeth Warren’s position that the approvals are illegal.