Coinbase (Coin) said Friday that he has requested a National Trust Charter with the United States Office of the Comptroller of La Moneda (OCC), a movement that would put the company under federal regulatory supervision if approved.
The letter would allow Coinbase to build on its existing custody business by offering services such as payments and liquidation, without looking for a letter like a full service bank.
“Coinbase has no intention of becoming a bank,” said Greg Tusar, vice president of institutional products in Coinbase, in a blog post. “We believe firm that the clear rules and confidence of our regulators and clients allow Coinbase to innovate with confidence while guaranteeing adequate supervision and security.”
Today, the main regulated custody service of the US crypto exchango is executed through Coinbase Custody Trust Company (CCTC), which is licensed under the New York State Bits license regime. That frame, introduced in 2015, was one of the first regulatory models at the state level for cryptography in the United States.
A federal trust letter would give the company more flexibility to launch new financial services, such as cryptographic payments without the need for state approvals per state.
The Coinbase movement follows a series of cryptographic companies, including Circle, Ripple and Paxos, which request federal supervision this year.
Read more: US SEC takes a preliminary step to expand the universe of cryptographic custody to state trusts
