Coinbase Global renewed its call for U.S. banking regulators to provide clarity or revise their stance on banks offering cryptocurrency services and partnering with digital asset firms.
Coinbase, a publicly traded American company operating a cryptocurrency exchange platform, is the largest crypto exchange in the U.S. by trading volume and operates as a fully remote company.
“For the last several years, U.S. bank regulators have unilaterally and undemocratically barred banks from offering crypto services,” Coinbase Chief Policy Officer Faryar Shirzad said in a post on X. “It’s past time for bank regulators to clarify their stance on how banks can offer crypto services safely and soundly.”
The crypto exchange’s push comes as the industry ramps up lobbying efforts for a regulatory framework to support growth, with traditional banks largely avoiding the sector due to unclear regulations. Shirzad sent a letter to top U.S. banking regulators, including the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), urging them to permit banks to engage with the crypto sector.
Crypto firms have accused U.S. banking supervisors of systematically blocking their access to the financial system, a claim regulators have denied. The industry has also donated millions to support Donald Trump’s return to the White House, seeking regulatory reforms after years of enforcement actions that firms say amount to overreach.
Last month, the U.S. Securities and Exchange Commission’s new leadership formed a task force to draft a regulatory framework for digital assets. Trump, who has pledged to be a “crypto president,” has appointed former PayPal executive David Sacks as his “White House A.I. & Crypto Czar.”
However, traditional banks remain cautious about cryptocurrencies despite expectations of policy shifts under the new administration.