Crypto · $COIN
Coinbase Wins Final OCC Approval for a National Trust Charter, Joining Circle and Ripple
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The federal charter moves Coinbase's institutional custody business under the Comptroller of the Currency; community bankers are challenging such approvals in court.
By Noris Ortiz ·
Coinbase has received final approval from the Office of the Comptroller of the Currency to operate a national trust bank, advancing its institutional custody business onto a federal charter, according to reports published Monday, Nov. 9 [1][2].
Decrypt reported that Coinbase said the OCC approved Coinbase National Trust Company on the previous Friday, Nov. 6, about seven months after conditional approval in April. Coinbase first applied in 2025 [1]. CoinDesk described the step as a move from conditional to full national trust charter status [2].
The charter lets Coinbase offer federally regulated custody and, according to CoinDesk, payments services [2]. Decrypt said it builds on Coinbase Custody Trust Company's limited-purpose trust charter granted in 2018 by the New York Department of Financial Services, and would let the company expand its institutional custody business under a single federal regulator [1]. The charter has limits. CoinDesk said Coinbase is not becoming a full-service bank and cannot take deposits or extend loans [2]. Decrypt noted that when it received conditional approval, Coinbase said it would not take retail deposits or engage in fractional reserve banking [1].
Coinbase framed the approval as a strategic milestone. Decrypt quoted the company as saying, "Custody is foundational to our business" [1]. CoinDesk quoted Vice Chairman Ryan VanGrack as saying the approval "puts more of our business behind that commitment" to clear rules and rigorous oversight [2]. Neither report described a reaction in Coinbase shares.
The approval fits a wider pattern. Decrypt reported that Circle received final OCC approval in July for a trust bank to manage the reserves behind its USDC stablecoin, and that Ripple received final approval in October for a trust bank behind its RLUSD stablecoin [1]. CoinDesk also reported Ripple's full charter in October and said World Liberty Financial, the Trump family's crypto firm, received a conditional trust charter in August [2]. According to Decrypt, Block applied in September and Payward, the parent of Kraken, applied in May [1]. CoinDesk said the GENIUS Act created a path for federal trusts to issue compliant stablecoins, which has encouraged the wave of applications [2].
The approvals are contested. CoinDesk reported that the Independent Community Bankers of America has sued the OCC, arguing the agency overstepped its authority by granting trust charters to crypto firms [2]. Decrypt described the group's argument as an attempt to keep crypto firms from entering banking through a "side door" and said Sen. Elizabeth Warren argues that the OCC's crypto charter approvals, including Coinbase's, are illegal [1]. The OCC's position in that litigation was not described in the reports cited here, and the outcome of the lawsuit remains unresolved.
The timing comes during a weak stretch for digital assets. CoinDesk reported that bitcoin was trading around $74,400 on Monday, with only five of the top 100 cryptocurrencies up 1% or more over 24 hours, as the market followed a tech-stock selloff [3]. A regulatory milestone for a major exchange operator does not by itself change that price backdrop, but it adds to evidence that federal banking supervisors are bringing crypto custody firms inside the regulated system.
Items to watch include the court case brought by community bankers, decisions on pending trust applications from other crypto firms, and any details from Coinbase or the OCC on the charter's conditions. The OCC's own announcement and Coinbase's filings would be the primary documents for confirming those terms.
Sources:
[1] Decrypt, "Coinbase Joins Circle, Ripple With Final OCC Approval for Federal Trust Bank Charter", November 9, 2026. https://decrypt.co/382816/coinbase-joins-circle-ripple-with-final-occ-approval-for-federal-trust-bank-charter
[2] CoinDesk, "Coinbase gets full U.S. trust charter from federal banking regulator", November 9, 2026. https://coindesk.com/policy/2026/11/09/coinbase-gets-full-u-s-trust-charter-from-federal-banking-regulator
[3] CoinDesk, "Nvidia-led tech selloff weighs on crypto majors: Crypto Markets Today", November 9, 2026. https://www.coindesk.com/markets/2026/11/09/tech-selloff-weighs-on-crypto-majors
This article was produced with AI assistance. It is for informational purposes only and is not financial advice. StockVolt and its authors may hold positions in securities mentioned.