Key Highlights
- The OCC has granted Coinbase preliminary authorization to establish a federally chartered national trust company
- This charter focuses exclusively on institutional custody and infrastructure β retail deposit services are excluded
- Multiple compliance and operational milestones must be achieved before final authorization
- This federal designation is anticipated to significantly expand Coinbase’s institutional client reach
- The company’s current New York state trust license and BitLicense continue without interruption
The cryptocurrency exchange Coinbase (COIN) has secured preliminary authorization from the Office of the Comptroller of the Currency to create Coinbase National Trust Company, a federally chartered trust entity.
$COIN | Coinbase Gains Conditional Approval for U.S. Trust Charter
π πππ² ππ’π π‘π₯π’π π‘ππ¬:
β€ Coinbase receives ππ¨π§ππ’ππ’π¨π§ππ₯ approval for national trust charter.
β€ Approval granted by the πππ for crypto custody expansion.
†Charter enables operation⦠https://t.co/WWTBhWzvHx
β Hardik Shah (@AIStockSavvy) April 2, 2026
This OCC authorization is deliberately designed for institutional custody operations and market infrastructure services. The charter explicitly excludes retail deposit-taking activities and traditional fractional reserve banking operations.
According to Greg Tusar, Co-CEO of Coinbase Institutional, this authorization delivers “federal regulatory uniformity to the custody and market infrastructure business we have been building for years.”
The application for this national trust charter was filed by Coinbase in October. The platform currently operates under a limited-purpose trust license issued by New York’s Department of Financial Services, which authorizes state-level digital asset custody through Coinbase Prime, its institutional division.
The federal authorization provides expanded capabilities. “We’re the custodian to over 80% of the world’s digital asset ETFs, but there are a number of other asset managers and hedge funds and others that would like to see the entity that they face have this kind of charter,” Tusar explained.
Put simply, the federal designation unlocks institutional opportunities that state-level licensing cannot provide.
Coinbase’s institutional division was overseeing $245.7 billion in total assets under management as of June 2025 β representing approximately 7% of the entire cryptocurrency market, based on figures from its charter application.
Outstanding Requirements Before Final Approval
Preliminary authorization differs from final clearance. Before the charter becomes operationally active, Coinbase must complete its inaugural board meeting, formally adopt corporate bylaws, implement payment infrastructure, and successfully complete a pre-launch examination by OCC regulators.
Company representatives confirmed they will collaborate directly with OCC personnel to satisfy these outstanding requirements.
The company’s existing New York Department of Financial Services BitLicense and state trust authorization remain in full effect during this transition period. Coinbase, Inc. will continue standard operations under NYDFS supervision without disruption.
Other Applicants in the Pipeline
Coinbase isn’t the only cryptocurrency company pursuing federal trust status. The OCC issued conditional approvals to multiple digital asset firms in late 2024, including BitGo, Circle Internet Group, Fidelity Digital Assets, Ripple, and Paxos.
Additional applicants have emerged more recently, including Morgan Stanley, EDX Markets (backed by Citadel Securities), and World Liberty Financial β the Trump family’s most significant cryptocurrency initiative β all filing for national trust charters.
This federal charter framework also establishes infrastructure for future payment solutions and complementary financial offerings, with institutional partners and retail clients identified as the primary target audiences.
While Congress has moved forward with market structure legislation, federal supervision of cryptocurrency custodians has remained decentralized. This OCC authorization addresses that institutional regulatory gap without requiring comprehensive legislative action.
