The cryptocurrency exchange may be looking to become more mainstream
Coinbase is exploring the possibility of applying for a US federal bank charter, according to a spokesperson for the company. While no official decision has been made, the crypto exchange confirmed to Cointelegraph that the idea is under active consideration.
The potential move aligns with a broader trend among major crypto firms seeking to deepen their involvement in traditional financial services. Alongside Coinbase, names like Circle, Paxos, and BitGo have reportedly been considering similar applications. A bank charter would allow these companies to provide services similar to conventional banks, including accepting deposits and issuing loans.
If granted a charter, Coinbase would face tighter regulatory requirements and reporting standards. Other crypto firms, like Anchorage Digital, already operate under a federal bank license. However, this level of regulation can bring scrutiny. For instance, Anchorage is reportedly under investigation by the Department of Homeland Security, despite holding its charter.
Coinbase’s interest comes at a time when US regulators are showing a more open stance toward digital assets. The Office of the Comptroller of the Currency approved a preliminary charter for Paxos in 2021, signaling potential opportunities for other crypto companies. Federal Reserve Chair Jerome Powell recently acknowledged the growing role of stablecoins and called for a solid legal framework for digital assets.
Two pieces of legislation are shaping that framework. The STABLE Act pushes for more federal oversight, proposing measures such as separating stablecoin reserves from company funds and placing a temporary ban on certain asset-backed tokens. Meanwhile, the GENIUS Act takes a more flexible approach, aiming to support both state and federal regulation and strengthen the global role of the US dollar.
If Coinbase does move forward, it could signal a shift in how crypto platforms interact with the traditional financial system—blurring the line between digital assets and mainstream banking.
