Overview
- Independent Community Bankers of America asked the OCC to deny Coinbase National Trust Co.’s application or open it to broader public review and a hearing.
- The ICBA’s letter argues Coinbase’s trust would struggle in bear markets, relies on flawed risk and control functions, and could be difficult for the OCC to resolve if it fails.
- The filing challenges the legality of OCC Interpretive Letter 1176 under the Administrative Procedure Act, asserting the agency cannot approve activities based on it.
- Comptroller Jonathan Gould defended admitting compliant nonbanks into the chartered system to enable supervision and a level playing field, while Coinbase CLO Paul Grewal called bank opposition protectionism.
- Coinbase filed for the charter on Oct. 3; the OCC’s decision remains pending and could take 12–18 months, with Anchorage Digital still the lone prior approval as other applicants like Circle, Ripple, Paxos and Crypto.com wait in the queue.