ICBA Calls for Coinbase Bank Charter Denial, Coinbase Counters Saying Its Actions Are Bank Protectionism, Not Consumer Protection

BlockBeats News, November 5th, the Independent Community Bankers of America (ICBA) sent a letter to the Office of the Comptroller of the Currency (OCC), urging the rejection of Coinbase's subsidiary Coinbase National Trust Co.'s national trust bank charter application, citing that the application failed to meet statutory standards and if approved would set a dangerous precedent for the U.S. banking system.

In response, Coinbase's Chief Legal Officer Paul Grewal stated: "The ICBA opposes a regulated trust charter simply because you want cryptocurrency to remain unregulated. That is the ICBA position. This is yet another example of banking lobbyists seeking to undermine regulatory barriers to protect their own interests. From repealing laws to hold accountable to obstructing the issuance of trust charters, protectionism is not consumer protection."