According to Odaily Planet Daily, the Independent Community Bankers Association (ICBA) recently sent a letter to the Office of the Comptroller of the Currency (OCC) requesting that Coinbase subsidiary Coinbase National Trust Co.'s application for a national trust banking license be rejected. The ICBA stated that the application does not meet the statutory standards and warned that approval would set a "dangerous precedent" for the U.S. banking system.

In response, Coinbase Chief Legal Officer Paul Grewal strongly criticized the ICBA's actions as "blatant protectionism," an attempt to monopolize regulatory access, exclude competitors, and stifle crypto innovation. He stated, "They oppose our obtaining a compliance license not because we don't comply with regulations, but because they would rather the crypto industry remain outside the regulatory system to maintain old barriers of financial privilege."