Coinbase (Coin) said on Friday that she had asked for a national trust charter from the US office of the currency controller (OCC), a decision that would put the company under federal regulatory supervision if it was approved.
The Charter would allow Coinbase to rely on its existing childcare activities by offering services such as payments and regulations, without requesting a charter as a full -service bank.
“Coinbase does not intend to become a bank,” said Greg Tusar, vice-president of the institutional product in Coinbase, in a blog article. “We firmly believe that the clear rules and the confidence of our regulators and our customers allow Coinbase to innovate with confidence while ensuring appropriate surveillance and safety.”
Today, the main regulated childcare service of the US Crypto Exchange is managed by Coinbase Pustody Trust Company (CCTC), which is authorized under the Bitlicense diet of New York State. This framework, introduced in 2015, was one of the first regulatory models at the state level for the crypto in the United States
A federal trust charter would give the company more flexibility to launch new financial services such as cryptographic payments without the need for state approvals by state.
Coinbase move follows a multitude of crypto companies, including Circle, Ripple and Paxos, apply for federal supervision this year.
Read more: the dry United States takes a preliminary step to extend the universe of the Cryptography Guard to State Fiducies
