Coinbase gets full U.S. trust charter from federal banking regulator

Coinbase, the largest U.S. crypto exchange, has been granted a full national trust charter by the U.S. Office of the Comptroller of the Currency. The agency elevated the company's status from its provisional approval in April, allowing it to offer federally regulated custodial and payments services.

The OCC's decision follows the passage of the Guiding and Establishing National Innovation for U.S. Stablecoins (GENIUS) Act, which cleared a path for federal trusts to issue compliant stablecoins. The agency has embraced crypto firms and stablecoins under the administration of President Donald Trump.

Coinbase Vice Chairman Ryan VanGrack said, "We’ve spent years asking for clear rules and rigorous oversight, and today’s approval of our national trust charter puts more of our business behind that commitment. The OCC’s approval is another major step in integrating digital assets into the core infrastructure of the American financial system."

New banking powers

Coinbase's new full charter allows it to operate as a full-service bank, taking deposits and extending loans. This marks a significant shift from the provisional status it held earlier this year, which only permitted custodial and payments services.

The OCC has granted full trust charters to several crypto-native firms, including Ripple last month. The agency also granted a conditional trust status to World Liberty Financial, the crypto firm owned by President Trump's family.

Legal challenge

The OCC's aggressive move to grant trust charters to crypto firms has drawn a lawsuit from the Independent Community Bankers of America. The group claims the regulator is overreaching its authority in granting such charters.

The arrival of crypto-native firms in the U.S. banking system follows years of regulatory resistance from federal banking, securities, and derivatives regulators. The OCC's actions represent a major policy shift under the current administration.