The Office of the United States Monetary Controller (OCC) has issued a conditional approval to Coinbase for the creation of a national trust company, the Coinbase National Trust Company. The company emphasized that it is the result of years of efforts to comply with regulatory requirements and dialogue with regulators. Coinbase will not become a commercial bank: the company will not accept retail deposits and engage in partial reserves.

The main goal of the new structure is to ensure uniformity in federal regulation of crypto asset holdings and market infrastructure. The permission granted will allow the exchange to operate under direct federal supervision. This will also lay the groundwork for new products, including cryptocurrency payments.

The approval of OCC came amid intense discussions about the CLARITY Act in Washington, where Coinbase is also participating.