Key Takeaways
- The OCC has granted Coinbase provisional clearance to establish Coinbase National Trust Company
- This charter focuses exclusively on digital asset custody and infrastructure services, excluding retail deposit operations
- Multiple regulatory requirements remain before final authorization is issued
- The national charter is anticipated to expand access to institutional market participants
- Coinbase’s current NYDFS BitLicense and state-level trust authorization continue operating unchanged
The Office of the Comptroller of the Currency has granted Coinbase (COIN) provisional authorization to create Coinbase National Trust Company, positioning it as a federally regulated trust institution.
$COIN | Coinbase Gains Conditional Approval for U.S. Trust Charter
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β Hardik Shah (@AIStockSavvy) April 2, 2026
This OCC authorization is exclusively designed for digital asset custody and market infrastructure operations. The framework explicitly excludes retail deposit-taking activities and conventional fractional reserve banking functions.
According to Greg Tusar, Co-CEO of Coinbase Institutional, the 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 cryptocurrency platform currently operates under a limited-purpose trust authorization issued by the New York Department of Financial Services, which permits state-level digital asset custody operations through Coinbase Prime, its institutional division.
The federal authorization offers 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 opportunities beyond what state-level licensing permits.
According to its charter filing, Coinbase’s institutional division oversaw $245.7 billion in client assets as of June 2025 β representing approximately 7% of the entire cryptocurrency market capitalization.
Remaining Steps Before Full Authorization
Provisional clearance differs from complete authorization. Before the charter becomes operational, Coinbase must convene its inaugural board session, ratify corporate bylaws, implement payment infrastructure, and successfully complete a pre-launch OCC examination.
The company has stated it will collaborate directly with OCC personnel to satisfy these outstanding conditions.
During this transition period, the existing NYDFS BitLicense and state trust charter remain active and enforceable. Coinbase, Inc. continues functioning under NYDFS supervision without interruption.
Other Applicants Seeking Similar Authorization
Coinbase isn’t the only cryptocurrency firm pursuing this regulatory pathway. Last year, the OCC provided conditional clearance to multiple digital asset companies, including BitGo, Circle Internet Group, Fidelity Digital Assets, Ripple, and Paxos.
In subsequent months, Morgan Stanley, EDX Markets (backed by Citadel Securities), and World Liberty Financial β the Trump family’s most prominent cryptocurrency initiative β have submitted applications for national trust charters.
The federal charter framework also creates opportunities for launching payment solutions and complementary financial products, targeting both institutional partners and individual clients.
While Congress has progressed market structure legislation, federal supervision of cryptocurrency custodians has remained inconsistent. This OCC authorization fills that regulatory void for institutional services without requiring comprehensive legislative reform.
