ICBA Opposes OCC’s Conditional Nod For Coinbase National Trust Bank Charter
The Office of the Comptroller of the Currency (OCC) granted Coinbase (COIN) a conditional approval for a national trust bank charter, a move that would place the crypto exchange among a small group of five digital-asset firms — including Ripple, Circle (CRCL) — that have received similar tentative sign-offs from the agency. If the charter is finalized, Coinbase would be able to expand beyond custody services to offer payment products and other infrastructure under federal supervision, Coinbase’s chief legal officer, Paul Grewal, told CNBC. Coinbase Eyes Broader US Payments Suite During....
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With Acting Comptroller Brooks on his way out the door, the OCC has given its first digital bank charter. Custody pioneer Anchorage is the first crypto firm to see a charter from the U.S. national bank regulator.Per a Wednesday announcement from the Office of the Comptroller of the Currency, Anchorage will have conditional authorization to operate as a trust institution nationally.Per the announcement, Anchorage's continued charter will hinge upon unique requirements:"As an enforceable condition of approval, the company entered into an operating agreement which sets forth, among other....
The digital currency and stablecoin issuer Paxos has been granted conditional approval for a bank charter under the Paxos National Trust in New York. The U.S. Office of the Comptroller of the Currency issued a preliminary conditional approval which means the regulating entity still has to authorize the firm’s future banking plans. Paxos Granted Preliminary Conditional Approval for a US Bank Charter The New York-based financial institution and technology company Paxos has been granted preliminary conditional approval for a bank charter by the Office of the Comptroller of the Currency....
Protego joins Anchorage as the first string of digital asset firms to get national trust bank licensing. The Office of the Comptroller of the Currency has granted another crypto firm a national charter.Per an announcement shared with Cointelegraph today, Washington-based institutional crypto custodian Protego is the second crypto-native firm to get national licensing from the OCC. The new charter is conditional, and Protego is authorized as a national trust bank rather than a traditional bank, meaning that it will not handle deposits. Interestingly, Protego is a relatively new firm and is....
The stablecoin issuer has nabbed a banking license, but it doesn't mean they'll be doing any banking in the traditional sense. The U.S. Office of the Comptroller of the Currency (OCC) has granted today stablecoin company and PayPal collaborator Paxos a federal charter to form a national trust bank — just the third such charter the OCC has granted crypto-native companies. Paxos joins custody firm Achorage, who was the first to receive a charter in January, and fellow custodian Protego, which received their conditional charter in February. As with the previous two charters, the “bank” label....
Singapore-based cryptocurrency exchange Crypto.com (CRO) announced on Friday its intention to apply for a national trust bank charter with the US Office of the Comptroller of the Currency (OCC). This move aligns Crypto.com with other major firms in the industry, including Coinbase (COIN), Ripple Labs, stablecoin issuer Paxos, and Sony Bank, who are also pursuing […]