Coinbase Seeks Clarity from US Banking Regulators on Crypto Services

Coinbase urges US regulators to clarify rules for crypto services, aiming to ease banking collaborations and drive industry growth.

Coinbase Global Inc. is urging US banking regulators to clarify or change their positions on cryptocurrency services. The company aims to develop solutions which facilitate banking institutions as they provide cryptocurrency storage together with trading functions. Coinbase aims to facilitate bank collaboration with their style of crypto platform alongside other crypto services.

Bloomberg acquired a formal letter from Coinbase which the company directed to the Office of the Comptroller of the Currency (OCC) along with Federal Reserve and Federal Deposit Insurance Corp. (FDIC). The Coinbase team seeks withdrawal of an interpretive letter from the OCC.

According to Coinbase, the letter creates obstacles for banks to provide crypto-related services because it requires them to submit burdening application materials. The company argues that such guidelines make it difficult for banks to take part in the digital asset business.

During a testimonial before congressional lawmakers, Faryar Shirzad expressed the necessity of developing more straightforward rules. Banks require clear regulatory guidance that permits them to collaborate with third-party providers when serving offered exchange and trading services to their customers. The company asked both the Federal Reserve and FDIC to declare their support for state-chartered banks to provide crypto services with capabilities to outsource crypto custody and execution management.

Coinbase’s Advocacy for Crypto Regulations Sparks Optimism for Industry Growth

Several banking institutions, including BNY Mellon, have started implementing crypto custody solutions even though some financial institutions continue to face difficulties in offering these services. Multiple American banking institutions received FDIC communications that requested them to suspend their crypto-related operations. Crypto companies face uncertainties about their banking relationships because of these recent developments.

June 2024 marked the time when Coinbase filed legal actions against both the SEC and the FDIC. The agencies face accusations from the company for their attempts to cut off digital-asset firms from their basic banking capabilities. The chief legal officer of Coinbase Paul Grewal made this statement in January 2025. According to him, the FDIC deliberately concealed documents which were requested through a Freedom of Information Act lawsuit.

The crypto community expects favorable transformations in cryptocurrency regulations after Donald Trump took office as US President. Heads of crypto industry operations forecast his term to introduce beneficial changes to their sector. Coinbase demonstrates enhanced relations with the Trump administration that necessitates the organization to view potential economic freedom and crypto market expansion.

The crypto industry closely observes Coinbase’s regulatory advocacy efforts expecting new rules which will provide litigation conditions for traditional banking institutions and crypto businesses to succeed.