ICBA Comments Urging OCC to Rescind Coinbase's National Trust Charter
The ICBA has urged the OCC to reconsider its approval of Coinbase's national trust bank charter. This request comes amid ongoing criminal allegations against Coinbase's subsidiary related to illegal prediction markets. The New York State Attorney General's lawsuit highlights concerns over consumer protections and regulatory compliance.
- ▪ICBA has called for the OCC to rescind or suspend Coinbase's national trust bank charter approval.
- ▪The request is linked to criminal allegations against Coinbase Financial Markets Inc.
- ▪The New York State Attorney General's lawsuit claims the subsidiary is violating laws by operating illegal prediction markets.
Opening excerpt (first ~120 words) tap to expand
ICBA called on the Office of the Comptroller of the Currency to rescind or suspend its conditional approval of Coinbase Global’s application for a national trust bank charter until criminal allegations against Coinbase’s wholly owned subsidiary, Coinbase Financial Markets Inc., are resolved. This follows the New York State Attorney General’s lawsuit alleging that the Coinbase Global subsidiary is violating New York and federal laws by running illegal prediction markets that lack consumer protections and internal controls.
Excerpt limited to ~120 words for fair-use compliance. The full article is at ICBA.org.
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