In the wake of Donald Trump’s presidential tenure, cryptocurrency companies aim to leverage regulatory advantages for long-term success by securing pivotal licenses. By doing so, they ensure continuity and growth potential for their operations, even with changes in the U.S. presidency. Following Circle and Ripple, Coinbase is now taking proactive steps in this direction.
Coinbase’s Strategic License Application
Coinbase has recently taken a significant step by applying for a trust bank charter license from the U.S. Office of the Comptroller of the Currency (OCC), aiming to offer institutional financial services under federal oversight. This strategic move allows them to bypass the cumbersome process of acquiring individual state licenses.
Upon approval, this license will enable Coinbase to expand beyond mere asset custody to include payments and settlements, transforming into a lender capable of accepting deposits distinct from typical bank licenses. Although the company has no intentions of becoming a bank, the OCC license could greatly benefit its growth trajectory. Greg Tusar, President of Institutional Services at Coinbase, expressed his confidence in providing clear regulations and security assurances that empower innovation.
The Landscape of Crypto Companies in the U.S.
Coinbase is not alone in seeking the OCC license; other companies have already initiated similar processes. Circle, the company behind USDC, began its application in June, followed by Ripple in July. These moves are part of a broader trend toward establishing entities fully authorized to integrate crypto with traditional finance.
Coinbase already provides crypto services to numerous major partners, including government entities. Meanwhile, Ripple focuses on serving banks, and Circle aims to carve a role in payment services with its stablecoin. USDC enjoys an advantage as the largest stablecoin compatible with GENIUS compliance.
In a different context, Tether has relocated its operations to El Salvador. As it becomes increasingly challenging for crypto companies to collaborate with banks during bear markets, Tether seeks to secure its future in the region with its new USAT stablecoin and ongoing investment efforts valued between $500‑666 billion.