Coinbase, the largest U.S. cryptocurrency exchange, announced on October 3 that it has formally applied to the Office of the Comptroller of the Currency (OCC) for recognition as a national trust company. This move aims to place the company under a single federal framework, streamlining oversight of new products and creating a clearer bridge between digital assets and traditional finance.
Greg Tusar, Vice President of Institutional Products at Coinbase, emphasized that the OCC trust charter would enhance the company’s ability to innovate while clarifying that Coinbase does not intend to become a bank. Instead, the company is focused on regulated growth in custody services and crypto-based infrastructure, rather than taking deposits or issuing loans.
Unlike state-level licenses, the OCC national trust charter would provide uniform regulatory oversight across the country. This would allow Coinbase to accelerate approvals for custody, institutional services, and product launches, while meeting federal requirements around compliance, risk management, capital adequacy, and client asset protection.
Tusar explained that the charter would unify security and supervisory standards for institutional clients in one place. This trend is growing across the crypto sector, with companies such as Paxos, BitGo, Ripple, and Circle also filing similar applications with the OCC.
For Coinbase, securing this license would establish a single regulatory touchpoint, reducing discrepancies in product approvals, lowering compliance costs, and reinforcing standardized controls in custody and post-trade services. The company believes this clarity will build greater investor trust by reducing uncertainty around institutional adoption of crypto markets.
The OCC, headquartered in Washington, will review Coinbase’s application. If approved, the license would significantly expand the company’s ability to scale nationally under a unified regulatory umbrella.