Coinbase Wins Final OCC Approval to Charter a National Trust Company for Crypto Custody

Coinbase said Monday that it has final federal approval to charter Coinbase National Trust Company, a new national trust entity for its crypto custody business, after a Friday sign-off from the Office of the Comptroller of the Currency (OCC).

The exchange did not say when the trust company will begin operating, when custody accounts will move to it, or what terms the approval carries.

Coinbase said in the post that the charter brings “clear and consistent federal uniformity” to its custody business, which it said has safeguarded digital assets for more than 14 years.

In a statement emailed to Unchained, Coinbase Vice Chair Ryan VanGrack said the company had “spent years asking for clear rules and rigorous oversight,” and that the approval “puts more of our business behind that commitment.” Chief Policy Officer Faryar Shirzad said in the same statement that Coinbase “has always pursued best-in-class regulatory oversight and that is what we are getting with the OCC.” The company said in the same email that the approval came after more than a year of its engagement with the OCC.

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What a Trust Charter Allows

A national trust charter is narrower than a full banking license. Austin Campbell, founder of Zero Knowledge Group, walked through the limits on Unchained’s Bits + Bips in August while discussing a separate OCC approval tied to World Liberty Financial. A traditional bank lends out customer deposits, he said, but “a trust bank cannot do that.” Instead, he said, “you can take in customer assets, you can hold them, and you can manage the reserves of a stablecoin.”

Coinbase said in its emailed statement that the charter “opens the door to expanded custody capabilities” and “lays the foundation for potential future payment and stablecoin services.” It did not describe those services or give a timeline for them.

Coinbase’s custody arm already works under New York rules. The New York Department of Financial Services (NYDFS) granted Coinbase Inc. a BitLicense, the state’s crypto business license, in 2017, and approved a limited purpose trust charter for Coinbase Custody Trust Company in 2018. Coinbase called the OCC approval “the next iteration” of its work with regulators, one that adds federal oversight on top of its New York track record.

Other Crypto Charters and a Lawsuit

Circle, the issuer of the USDC stablecoin, won final OCC approval in July for its own trust bank, which will operate as Circle National Trust. The bank will first hold digital assets in custody for Circle and its affiliates, and Circle has listed managing USDC’s reserves as a later step.

Ripple last month said that the OCC had granted final approval for Ripple National Trust Bank. Ripple said that bank will manage the reserves backing its Ripple USD (RLUSD) stablecoin and offer digital asset custody once it opens.

The rules behind these charters face a court challenge. The Independent Community Bankers of America (ICBA), a trade group for smaller banks, sued the OCC in federal court in Washington, D.C., on Oct. 2. The group argues the regulator lacks the authority to grant national trust charters to crypto firms that do not mainly act as fiduciaries, firms that hold and manage assets on clients’ behalf under a legal duty of care. The OCC has said its rule clarifies powers trust banks have long held.

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