Coinbase Confirms It's Considering Applying for a U.S. Federal Bank Charter

BlockBeats News, April 22nd, according to Cointelegraph, Coinbase has confirmed that it is considering applying for a U.S. federal banking license. A Coinbase spokesperson stated that the company is actively exploring this option but has not made any formal decisions yet.

BlockBeats previously reported that, according to insiders, many crypto companies, including Circle and BitGo, plan to apply for a banking license or charter. Cryptocurrency exchange Coinbase Global and stablecoin company Paxos are also considering similar moves. Upon obtaining a banking license, cryptocurrency companies may be able to accept deposits and issue loans like traditional banks, but they will also face stricter regulatory and reporting requirements. Meanwhile, the Trump administration is taking action to mainstream cryptocurrency in finance, and Congress has introduced two bills to establish a regulatory framework for stablecoins. This legislation would require stablecoin issuers to obtain a charter or license from regulatory agencies.