Coinbase Urges U.S. Regulators to Clarify Stance on Crypto Services for Banks
Coinbase Global (COIN.O) has renewed its call for U.S. banking regulators to provide clearer guidance or revise their stance on banks offering cryptocurrency services and potentially partnering with companies in the digital assets space. This move comes amid a wider industry effort to lobby lawmakers for a regulatory framework that would foster growth in the sector. Many traditional U.S. banks have avoided engaging with digital asset firms, citing the lack of regulatory clarity.
“For the last several years, U.S. bank regulators have unilaterally and undemocratically barred banks from offering crypto services,” Coinbase Chief Policy Officer Faryar Shirzad stated on social media platform X.
The industry had contributed millions of dollars to support Donald Trump’s return to the White House, aiming to prioritize cryptocurrency regulation in the new administration, after years of what companies have described as overreach in enforcement actions.
Shirzad also sent a letter to U.S. banking regulators, including the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), urging them to allow banks to offer services related to the crypto sector. The OCC declined to comment, while the Fed and FDIC did not immediately respond to Reuters’ requests for statements.
Crypto companies have accused U.S. banking regulators of intentionally restricting their access to the traditional financial system, though regulators have denied these allegations. Last month, the U.S. Securities and Exchange Commission’s new leadership established a task force to create a regulatory framework for crypto assets.
Trump, who has promised to be a “crypto president,” appointed former PayPal (PYPL.O) executive David Sacks as his “White House A.I. & Crypto Czar.” The administration is expected to reshape U.S. policy on digital currency, though U.S. bankers have remained cautious about cryptocurrencies so far.
