Yesterday, the Office of the Comptroller of the Currency (OCC) conditionally approved the bank charter application of Coinbase, a cryptocurrency exchange company.
“A national trust bank charter for Coinbase will grant it access to the federal banking system with none of the obligations traditional banks owe to the public. Bank charters should serve the public interest, including the needs of low- and moderate-income communities, not simply provide legitimacy and access to companies with troubling records,” said NCRC’s Policy Director Tara Flynn. “Given the nature of the company’s crypto business and its history of past enforcement actions and cybersecurity breaches, its bank charter also potentially puts the banking system at risk. Coinbase does not meet the requirements for a national trust bank charter and the OCC should have denied its application.”
The NCRC’s letter opposing Coinbase’s application can be found here: NCRC Comment in Opposition to Coinbase National Trust Charter Application » NCRC
