Crypto: Coinbase Urges Fed to Act

Coinbase Advocates for Regulatory Clarity on Crypto Services by Banks

• Coinbase urges US regulators to allow banks to offer crypto custody and trading services.
• The company seeks confirmation that state-chartered banks can provide and outsource these services under current laws.
• A letter was sent to the OCC, Federal Reserve, and FDIC requesting withdrawal of an interpretive letter hindering bank entry into digital assets.
• Coinbase claims existing laws already permit banks to engage in crypto services with third-party providers.
• The House Oversight Committee is investigating alleged regulatory actions limiting banking access for crypto firms.

Coinbase is pressing US banking regulators to clarify that state-chartered banks can legally offer and outsource cryptocurrency custody and trading services, asserting that current regulations already support such activities. The push aligns with ongoing investigations into alleged regulatory pressures on banks regarding crypto services.