Coinbase sends letter to US regulators, asking for clarity on crypto banking services

Odaily News Coinbase is urging U.S. regulators to confirm that banks can freely provide services to cryptocurrency businesses. Today, Coinbase sent letters to the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corporation (FDIC), asking them to provide a clear report on the status of banking services to the crypto industry.

U.S. banks' provision of services to the crypto industry has always been a controversial issue. Under current federal law, banks are already authorized to provide crypto services and work with third-party service providers such as Coinbase. Although banks like BNY Mellon have been providing crypto custody services, some reports indicate that the Federal Deposit Insurance Corporation (FDIC) has approached several U.S. banks, asking them to suspend crypto-related activities. In June 2024, Coinbase filed a lawsuit against the U.S. Securities and Exchange Commission and the FDIC, accusing the institutions of "working together to isolate crypto asset companies from basic banking services."

With U.S. President Donald Trump taking office on January 20, the crypto community is now waiting for positive changes in the U.S. crypto ecosystem. Coinbase has been deepening its ties with the Trump administration and is also the largest custodian of the U.S. spot Bitcoin ETF. “For regulators, it needs to be clear that banks can work with third-party providers to provide crypto trading services to customers,” said Faryar Shirzad, Coinbase’s chief policy officer.