ICBA Urges OCC to Deny Coinbase’s Application for a National Trust Bank Charter

Washington, D.C. (Nov. 4, 2025) - The Independent Community Bankers of America (ICBA) urged the Office of the Comptroller of the Currency (OCC) to reject Coinbase's application for a national trust bank charter for its subsidiary, Coinbase National Trust Co. (CNTC).

In a letter to the OCC, ICBA outlined serious concerns with the application, stating it failed to meet requirements of the National Bank Act and the OCC's own regulations and standards. ICBA noted significant deficiencies with the application, including risk and governance failures, profitability challenges, and resolution risks.

Coinbase's application "fails to meet statutory chartering standards, presents compounding safety and soundness risks, and would set a dangerous precedent for the structure of the U.S. banking system," ICBA wrote. ICBA called on the OCC to deny the application. At minimum, the OCC should release for public comment critical details of CNTC's business plan, extend the comment period, and hold a public hearing to provide a meaningful opportunity for stakeholder scrutiny and feedback.

ICBA looks forward to continued engagement with policymakers to ensure strong, clear, and consistent oversight of digital asset service providers.

About ICBA
The Independent Community Bankers of America® has one mission: to create and promote an environment where community banks flourish. We power the potential of the nation's community banks through effective advocacy, education, and innovation.

As local and trusted sources of credit, America's community banks leverage their relationship-based business model and innovative offerings to channel deposits into the neighborhoods they serve, creating jobs, fostering economic prosperity, and fueling their customers' financial goals and dreams. For more information, visit ICBA's website at icba.org.