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

Investigation Reveals Hacker Controls Millions in Altcoins

Investigation reveals that a hacker controls significant holdings in various altcoins, posing a risk of market impact.

user avatarFilippo Romano

ZeroBeta and Lynq Integrate Tokenized Treasury Holdings for Enhanced Institutional Finance

ZeroBeta and Lynq have announced a new integration that connects tokenized Treasury holdings to institutional borrowing and trading, allowing eligible assets to be pledged as collateral while accruing interest.

user avatarEmily Carter

Spiko Announces $238 Billion in Tokenized Investment Fund

Spiko has reported a remarkable $238 billion in its Amundi Overnight Swap Fund (SAFO), emphasizing the rising significance of tokenized investment products in business cash management.

user avatarTomas Novak

Kraken Launches New Funding Route for USDG on Arbitrum One

Kraken has launched a new funding route for Global Dollar (USDG) on Arbitrum One, enhancing the ease of transactions between the exchange and blockchain wallets.

user avatarKaterina Papadopoulou

SAT Japan Introduces Stablecoin Payment Option for Vehicle Exports

SAT Japan has launched a stablecoin payment route through TripleA, enabling cross-border car purchases using USDT and USDC.

user avatarMaya Lundqvist

Ripple and Water.org Enhance Partnership for Efficient Water Financing

Ripple and Water.org are expanding their partnership to leverage payment and stablecoin infrastructure aimed at improving water and sanitation financing.

user avatarLeo van der Veen

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.