Coinbase secured a national bank trust charter from the Office of the Comptroller of the Currency (OCC) last week, coinciding with CEO Brian Armstrong’s renewed push for long-delayed U.S. digital asset legislation to advance in the Senate.
OCC Grants Coinbase National Bank Trust Charter
The OCC’s approval marks a significant regulatory milestone for Coinbase, positioning the exchange to expand federally supervised trust and custody services. A national bank trust charter places an institution under OCC oversight and can broaden access to banking infrastructure and custody operations for digital assets.
Armstrong Backs Digital Asset Market Clarity Act
Armstrong has reversed his earlier stance on the Digital Asset Market Clarity Act, which he withdrew support for in January over concerns around provisions including stablecoin yield, tokenized equities, and ethics rules. In a post on X dated April 10, 2026, he wrote, “It’s time to pass the Clarity Act,” adding that months of bipartisan negotiation have produced a “strong bill.”
His shift followed an op-ed by U.S. Treasury Secretary Scott Bessent in the Wall Street Journal urging Congress to move swiftly on crypto market structure. Armstrong said Coinbase agreed with the Treasury Secretary’s position.
Bill Progress and Remaining Hurdles
After slow-moving talks, negotiators appear closer to a deal. Coinbase Chief Legal Officer Paul Grewal said last week that lawmakers were “very close” to agreement. The Senate Agriculture Committee approved the bill in January, covering commodities and derivatives oversight typically associated with the Commodity Futures Trading Commission (CFTC). The Senate Banking Committee—responsible for securities and banking issues, including oversight of the Securities and Exchange Commission (SEC)—has not yet scheduled its markup, a necessary step before a full Senate vote.
Bringing the legislation to the floor will require alignment across both committees to bridge the divide between securities and commodities frameworks. Crypto executives and banking industry representatives have participated in direct talks with administration officials as the draft has evolved.
Expanding Industry Footprint in Washington
Coinbase’s approval arrives amid broader momentum for digital asset firms in Washington. According to the companies, multiple industry players received similar charter approvals in December, including:
- Paxos
- Ripple Labs
- BitGo
- Circle
- Fidelity Digital Assets
Reports also indicate Armstrong met with U.S. President Donald Trump prior to the former president’s public call for rapid action on crypto market structure rules. Ripple executives have likewise taken part in White House discussions on the bill.
Whether the Senate Banking Committee moves quickly remains uncertain. But with the Treasury Department, the White House, and now Coinbase’s CEO urging action, pressure is mounting on Congress to finalize a regulatory framework for digital assets.