Coinbase Wants Banks to Get Easier Access to Crypto

Coinbase is urging US banking regulators to clear up the rules around banks offering crypto services. They say the current situation is unnecessarily complicated and is holding back banks from getting involved in the crypto world.

Regulators in the Hot Seat

The crypto exchange sent letters to three key regulators: the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC). Coinbase wants these regulators to explicitly confirm that banks are allowed to offer crypto custody and trading services, either directly or through companies that specialize in crypto.

Uncertainty is the Problem

Coinbase argues that existing laws do allow banks to work with crypto, but the lack of clear guidance is scaring them off. Faryar Shirzad, Coinbase’s chief policy officer, stated the need for clarity, especially regarding banks working with third-party crypto providers.

UK Success Story

Meanwhile, Coinbase announced it recently received approval from the UK’s Financial Conduct Authority (FCA) to become the UK’s largest Virtual Asset Service Provider (VASP). They see this as a positive step, highlighting the UK’s more welcoming approach to crypto regulation. Coinbase believes crypto is a powerful technology for economic growth.

Disclaimer: This information is for general knowledge only and is not financial advice. Always do your own research before investing in cryptocurrencies.
/p>