The Office of the Comptroller of the Currency (OCC) has granted cryptocurrency exchange Coinbase conditional approval to register a national trust company—Coinbase National Trust Company.
"This is the result of years of investment in compliance, engagement with regulators, and convincing them that the right path for cryptocurrency is through the system, not around it," the trading platform stated in a press release.
Company representatives clarified that Coinbase is not becoming a commercial bank. It will not accept retail deposits or engage in banking services with partial reserves.
The goal of establishing the trust firm is to "ensure uniform federal regulation in the area of asset custody and market infrastructure."
"The OCC's provisions are designed with this goal in mind—to ensure clear oversight of the assets held in custody. And that is how we intend to apply them," Coinbase emphasized.
Receiving conditional approval indicates that the exchange is "ready to build the next phase of financial market development." In practice, the platform will operate under direct federal oversight.
Closer interaction with regulators will allow the company to align its future activities in digital asset custody and create a foundation for new products, including crypto payments.
This approval comes amid active discussions on cryptocurrency legislation, the CLARITY Act, in Washington, which Coinbase is also involved in. Currently, the document is "stuck" in the Senate due to disputes regarding a ban on earning income from holding stablecoins.
Recall that in December 2025, the OCC allowed national banks and federal savings associations to act as intermediaries in cryptocurrency transactions.