Crypto Companies Face Regulatory Backlash Over Bank Charters
Crypto companies Coinbase, Circle, and Crypto.com are facing a legal challenge over their efforts to form nationally chartered banks with ties to crypto.
The Independent Community Bankers of America (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC) on October 2, 2026, arguing that it does not have the authority to issue national trust bank charters to entities engaged in non-fiduciary activities.
Coinbase has already passed the most stressful moment of its banking adventure, with its application to create the Coinbase National Trust Company submitted on October 3, 2025, and approved by the agency on April 2, 2026.
The company notes that the approval is conditional and that the new entity will specialize in custody and market infrastructure, not be a commercial bank.