Coinbase, the publicly traded crypto exchange based in the United States, has confirmed it is actively considering applying for a U.S. federal bank charter. In a statement, a Coinbase spokesperson said that while no final decision has been made, the move is “something Coinbase is actively considering.”
The confirmation follows a wave of reports suggesting that several major crypto firms—including stablecoin issuers Circle and Paxos and crypto custodian BitGo—are exploring similar ambitions to acquire a federal banking licence.
A Federal Charter Could Reshape Crypto Firm Capabilities
Although Coinbase did not elaborate on its motivations, obtaining a federal bank charter would allow the exchange to operate more like a traditional financial institution—taking deposits and issuing loans. Such a move could help Coinbase and its peers bridge the gap between traditional finance and decentralised ecosystems.
However, the benefits come with tighter regulatory oversight. Charter holders must comply with extensive federal reporting requirements, a hurdle that may deter some firms. Anchorage Digital, for example, became the first crypto-native firm to secure a federal banking charter, but it is now under investigation by the Department of Homeland Security’s El Dorado Task Force.
Regulatory Softening Spurs Interest
Interest in bank charters is gaining momentum as U.S. regulators appear to adopt a more accommodating stance towards digital assets, especially stablecoins. The Office of the Comptroller of the Currency (OCC) granted Paxos a preliminary conditional bank charter in 2021, and recent developments indicate the regulatory tone is shifting further.
Federal Reserve Chair Jerome Powell recently acknowledged that stablecoins may serve a broad consumer base, calling the creation of a legal framework around them a “good idea.” This openness could be paving the way for deeper integration of crypto into the U.S. financial system.
Legislative Push: STABLE vs. GENIUS Act
On Capitol Hill, lawmakers are moving forward with two competing bills aimed at defining the regulatory landscape for stablecoins: the STABLE Act and the GENIUS Act.
The STABLE Act—backed by Republicans and passed by the House Financial Services Committee—emphasises strict federal oversight. It proposes a two-year moratorium on issuing collateralized stablecoins backed by self-issued digital assets and mandates clear separation between business funds and stablecoin reserves.
In contrast, the GENIUS Act, which cleared the Senate Banking Committee in March, takes a more flexible approach. It advocates for a dual state-federal regulatory structure, aims to bolster the dollar’s global dominance via U.S.-based stablecoin issuers, and includes measures to enhance AML compliance, reserve standards, and sanctions enforcement.
What’s Next?
As regulatory frameworks evolve and U.S. authorities show greater willingness to integrate crypto into traditional finance, the strategic calculus for firms like Coinbase could shift significantly. A federal bank charter may soon become a competitive advantage—or a regulatory burden—depending on how these bills progress and how enforcement actions unfold.
