The OCC granted Coinbase a conditional approval for a national trust bank charter, potentially allowing it to expand US payment services under federal supervision.
However, this move sparked opposition from the ICBA. ICBA President Rebeca Romero Rainey described the approval as 'a grave mistake' due to Coinbase's alleged insufficient risk controls and unresolved stability risks.
ICBA demands the OCC to either revise or withdraw its rule regarding national trust bank charters for uninsured institutions.
Coinbase's stock, COIN, remains unchanged, trading around $171 despite the OCC's decision.