Coinbase Asks for Removal of Barriers for Banking Crypto Services

user avatar

by Giorgi Kostiuk

2 years ago

Coinbase is lobbying for clear regulatory guidelines to enable banks to provide cryptocurrency custody and trading services in the US.

Objective of Coinbase's Initiative

Coinbase states that their initiative is aimed at simplifying partnerships between banks and cryptocurrency companies, like the exchange itself. This move aims to enable banks to participate more easily in the crypto sector.

Core of the Request to Regulators

According to Bloomberg, Coinbase has sent a letter to the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors, and the Federal Deposit Insurance Corporation. The letter asks to revoke an interpretive letter that Coinbase argues is preventing banks from starting to engage in the digital asset market.

Analysis of Coinbase’s Legal Argument

Coinbase has also retained three law firms that submitted a separate letter, arguing that current federal laws already allow banks to offer cryptocurrency services and collaborate with third-party providers like Coinbase. Coinbase urges the regulators to confirm this stance.

Coinbase is actively promoting policy changes to reduce barriers and develop partnerships between banks and the cryptocurrency industry.

Tier I

Sector: #18291

Sealed Hiding Place Room

Resource Cache

Resource Cache

Tier I

Requires 25% Tier Progress to Claim
Meme Cache

Meme Cache

Tier I

Requires 50% Tier Progress to Claim
Equipment Cache

Equipment Cache

Tier I

Requires 75% Tier Progress to Claim

After collecting, hiding places will be stored in your inventory and can be opened with Keys.

Other news

Grayscale's Zcash ETF to Implement 3-for-1 Forward Share Split

Grayscale has announced a 3-for-1 forward share split for its Zcash ETF, ticker ZCSH, to enhance accessibility for retail investors.

user avatarTomas Novak

Growing Interest in BRICS Membership

Many countries are expressing interest in joining the BRICS alliance, according to Russian Foreign Minister Sergey Lavrov.

user avatarKaterina Papadopoulou

XRP's Technical Indicators Point to Potential Bullish Momentum

XRP's technical indicators suggest a possible bullish crossover, despite a bearish death cross setup.

user avatarMaya Lundqvist

Crypto Market Sees Recovery as Bitcoin Surges Above 80,000

Crypto traders are feeling more optimistic today as Bitcoin has climbed back above 80,000 after a tough period marked by a Federal Reserve rate hike and a Senate vote against the Clarity Act.

user avatarLeo van der Veen

US Treasury Targets BitBank in Sanctions Evasion Crackdown

The US Treasury has sanctioned BitBank, an Iranian exchange involved in facilitating Bitcoin payments for shipping companies in the Strait of Hormuz.

user avatarLi Weicheng

Solana Reclaims 105 Price Level After Market Dip

Solana's price recently fell to 96 after a marketwide dip but has since rallied to reclaim the 105 mark, experiencing a 56% increase in the last 24 hours.

user avatarAisha Farooq

Important disclaimer: The information presented on the Dapp.Expert portal is intended solely for informational purposes and does not constitute an investment recommendation or a guide to action in the field of cryptocurrencies. The Dapp.Expert team is not responsible for any potential losses or missed profits associated with the use of materials published on the site. Before making investment decisions in cryptocurrencies, we recommend consulting a qualified financial advisor.