Coinbase exec criticizes banks’ pushback to crypto charter application
Coinbase's chief legal officer criticized the ICBA for opposing its national trust charter application, calling it a lobbying effort to protect banks.Summary
The Independent Community Bankers of America (ICBA) sent a letter to the Office of the Comptroller of the Currency (OCC) strongly opposing Coinbase's application for a National Trust Company Charter, citing concerns over untested crypto custody elements and potential unprofitability during crypto bear markets. Coinbase's chief legal officer, Paul Grewal, criticized this opposition on X, suggesting the ICBA is acting as a bank lobbyist trying to create regulatory barriers. Coinbase originally applied for the charter in October to better integrate the crypto economy with traditional finance. The ICBA urged the OCC to deny the application or allow for an extended public review of its implications. This action occurs while other crypto firms, like Ripple and Circle, are also pursuing national bank charters.
(Source：Cointelegraph)