Banking Lobby Mounts Challenge to Coinbase’s National License Ambitions

A significant regulatory confrontation is unfolding between the cryptocurrency sector and traditional banking institutions. Coinbase, a leading digital asset exchange, finds its pursuit of a national trust charter facing organized opposition from established banking groups. The conflict entered a more public phase this week when the company’s chief legal officer issued a sharp rebuke to banking lobbyists.

The Independent Community Bankers of America (ICBA) has formally petitioned federal regulators to deny Coinbase’s application for a national trust license. In its submission to the Office of the Comptroller of the Currency (OCC), the influential banking association raised multiple concerns about the crypto company’s operational Read more...