Coinbase Exchange in Pursuit of US OCC Federal Charter
Coinbase is seeking a national trust company charter from the Office of the Comptroller of the Currency (OCC) to enhance its operations and regulatory framework. This move aligns with other digital asset firms like Circle, Ripple, and Paxos, which are also pursuing similar charters.
Key Points:
- Coinbase aims to scale its business and integrate more closely with traditional finance through this charter.
- The charter would bring additional regulatory oversight, facilitating innovation within the financial sector.
- Greg Tusar, Coinbase's VP of institutional product, states that the charter will streamline new offerings and assure regulators and customers.
- Coinbase does not intend to become a bank but seeks clear rules and regulatory trust.
- Other firms like Ripple and Circle are following suit for similar regulatory approvals, aiming to strengthen their positions within the US banking system.