Coinbase Receives Conditional Nod To Operate As National Trust Company—CEO Brian Armstrong Says 'We're Not Becoming A Bank'

Coinbase Global Inc. (NASDAQ:COIN) said Thursday it has secured a conditional approval from the Office of the Comptroller of the Currency to form a federally chartered national trust company.

Crypto Operations Under Federal Oversight

Coinbase emphasized that it is not transitioning into a “commercial bank” and will not be taking retail deposits or engaging in fractional reserve banking.

“This charter is about bringing federal regulatory uniformity to the custody and market infrastructure business we have been building for years,” the company said.

CEO Brian Armstrong reiterated the point, saying that Coinbase is bringing the “infrastructure of crypto” under federal regulatory oversight, but not “becoming a bank.”

.@Coinbase has received conditional OCC charter approval.

We're not becoming a bank, it's a trust company. We're bringing the infrastructure of crypto under federal regulatory oversight.

— Brian Armstrong (@brian_armstrong) April 2, 2026

Coinbase Joins Other Crypto Giants

Cryptocurrency firms are increasingly applying for banking charters to support their operations.

Ripple Labs (CRYPTO: XRP) and Circle Internet Group Inc. (NYSE:CRCL) have also received conditional OCC approval to charter their respective national trust banks, although final approval is still pending.

Not Becoming A ‘Commercial Bank’

The clarification about not being a commercial bank is notable, especially since JPMorgan Chase & Co. (NYSE:JPM) CEO Jamie Dimon argued that cryptocurrency companies offering rewards on stablecoin balances should face bank-like regulations.

Coinbase withdrew its support for the cryptocurrency market structure bill earlier in January over a rule that would prohibit cryptocurrency platforms from paying rewards on idle stablecoin balances.

Interestingly, Coinbase’s Chief Legal Officer, Paul Grewal, voiced optimism that congressional gridlock could ease, paving the way for progress on the bill soon.

Price Action: Coinbase shares rose 2.22% in after-hours trading after closing 0.88% lower at 171.46 during Thursday’s regular trading session, according to Benzinga Pro.

COIN stock lagged in short-, medium- and long-term price performance, according to Benzinga's Edge Stock Rankings.

Disclaimer: This content was partially produced with the help of Benzinga Neuro and was reviewed and published by Benzinga editors.

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