- Coinbase has received conditional approval from the US OCC for a national bank trust charter.
- The approval follows similar recent approvals for Ripple Labs, BitGo, Circle, Fidelity Digital Assets and Paxos.
- This marks a significant regulatory step in bridging cryptocurrency and traditional finance.
Coinbase chief legal officer Paul Grewal announced on Thursday that the US Office of the Comptroller of the Currency has conditionally approved the exchange’s application for a national bank trust charter. He said the company received conditional approval for the OCC application, following December approvals for Ripple Labs, BitGo, Circle, Fidelity Digital Assets and Paxos.
The approval came after six months of consideration by the regulator. However, the company previously stated it had “no intention of becoming a bank” if approved.
Consequently, the move by US regulators marks one of the most significant forays into bridging crypto and traditional finance. Grewal thanked OCC head Jonathan Gould, who took office less than a year ago.
Meanwhile, at the time of publication, the OCC website showed no change to Coinbase’s application status. Cointelegraph reached out to the exchange for comment but did not receive an immediate response.
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