Community Banks Blast OCC Over Conditional Approval of Coinbase National Trust Charter

The Independent Community Bankers of America (ICBA) has filed a formal objection to the Office of the Comptroller of the Currency's (OCC) conditional approval of Coinbase's application for a national trust bank charter. In its submission, the ICBA said the application raises major concerns around risk management, profitability and resolution planning. The group also argued the OCC lacks clear legal authority to broaden trust powers for crypto companies without subjecting them to the full set of banking rules. Americans for Financial Reform Education Fund also opposed the decision, saying it represents a break from long-established banking law. Opponents warned the approval could set a precedent that allows crypto firms to access bank-like benefits without bank-level oversight.