A company spokesperson stated, “This is an area Coinbase is actively exploring, though no final decision has been made yet.”

Other Crypto Firms Also Eyeing the Banking Sector

Recent reports suggest that Coinbase, along with major players like Circle, Paxos, and custody provider BitGo, may also be preparing to apply for a similar banking license in the US.

While Coinbase has not disclosed the exact reasons behind this potential move, such a license would enable crypto firms to offer traditional banking services, including accepting deposits and issuing loans. On the other hand, holding a federal charter would also bring tighter regulatory requirements and more rigorous reporting obligations.

A relevant example is Anchorage Digital, which already operates under a federal banking license. Despite this, Anchorage Digital Bank has recently come under investigation by the US Department of Homeland Security’s El Dorado Task Force.

Regulatory Landscape Shifting, Interest Increasing

These developments follow the preliminary approval granted by the US Office of the Comptroller of the Currency to Paxos back in 2021. The current more accommodating stance of US regulators and the growing willingness to integrate stablecoins into the broader financial system have prompted more crypto firms to consider applying for such licenses.

Federal Reserve Chair Jerome Powell recently emphasized that with the mainstream adoption of digital assets, it is a “sensible step” to establish a legal framework for stablecoins, noting that crypto has demonstrated consumer use cases with significant appeal.

Stablecoin Regulations Gaining Momentum

In April, the US House Financial Services Committee approved the Republican-backed Stablecoin Transparency and Accountability for a Better Ledger Economy (STABLE) Act, which aims to subject stablecoin issuers to stricter oversight.

Additionally, the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act is progressing through the legislative process. While both bills seek to regulate the stablecoin space, they offer differing approaches.

The GENIUS Act focuses on establishing a legal structure for stablecoin payments and enhancing the global status of the US dollar. It also introduces requirements related to anti-money laundering, liquidity standards, and sanctions compliance.

Meanwhile, the STABLE Act proposes a two-year moratorium on issuing collateral-backed stablecoins linked to self-issued digital assets, and mandates that reserves be held separately from company funds.

As crypto regulation continues to evolve in the United States, Coinbase’s interest in a banking license underscores the accelerating convergence of digital assets and traditional finance.

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