Coinbase (coin) Says On Friday it applied for a national confrontation charter in the Currency (OCC) Comptroller’s US office, a step to put the firm under federal regulation regulation if approved.
Charter will allow Coinbase to build on existing custody business by offering services such as payments and settlement, without looking for a charter as a full bank service.
“Coinbase has no intention of becoming a bank,” Greg Tusar, vice president of the institutional product on Coinbase, said in a blog post. “This is our strong belief that the clear policies and the trust of our regulators and customers provide Coinbase with the confidence to change while ensuring proper administration and security.”
Today, the mainly regulated service of the US crypto exchange is operated by the Coinbase Custody Trust Company (CCTC), which is licensed under the New York State Bitlicense regime. That framework, introduced in 2015, was one of the earliest state -level regulation models for crypto in the US
A federal trust charter will give the company more flexible to launch new financial services such as crypto payments without the need for state approval.
Coinbase’s move follows a murder of crypto companies, including Circle, Ripple and PaxosApplying for federal administration this year.
Read more: US SEC takes preliminary steps to expand the universe of crypto keeping in state trusts
