The U.S. Office of the Comptroller of the Currency (OCC) has granted cryptocurrency exchange Coinbase conditional approval to register a national trust company — Coinbase National Trust Company.
“This is the result of years of investment in regulatory compliance, engagement with regulators, and convincing them that the right path for cryptocurrencies is through the system, not around it,” stated the trading platform’s press release.
Exchange representatives clarified that Coinbase is not becoming a commercial bank. The company will not accept retail deposits or engage in fractional reserve banking.
The aim of establishing the trust firm is to “ensure uniform federal regulation in the area of asset custody and market infrastructure.”
“The OCC’s provisions are designed precisely for this purpose — to ensure clear oversight of custodial assets. And that is exactly how we intend to apply them,” emphasized Coinbase.
Receiving conditional approval signifies that the exchange is “ready to build the next stage of financial market development.” In practice, the platform will operate under direct federal oversight.
Closer interaction with regulators will allow the company to align its future activities in digital asset custody and lay the groundwork for new products, including crypto payments.
The approval comes amid active discussions of the CLARITY Act cryptocurrency legislation in Washington, in which Coinbase itself is participating. Currently, the document is “stalled” in the Senate due to disputes regarding the prohibition on earning income from holding stablecoins.
Back in December 2025, the OCC permitted national banks and federal savings associations to act as intermediaries in cryptocurrency transactions.