On February 4, Coinbase Global reiterated its request for U.S. banking regulators to provide clarity on banks offering cryptocurrency services and exploring partnerships with companies in the digital assets sector.
The cryptocurrency exchange's initiative coincides with its efforts to influence lawmakers towards creating a regulatory framework conducive to the industry's expansion. Despite this, most traditional U.S. banks have refrained from engaging with digital asset firms due to regulatory ambiguity.
Over the past few years, U.S. bank regulators have prohibited banks from offering crypto services without proper consultation, stated Coinbase Chief Policy Officer Faryar Shirzad on the social media platform X.
The sector pushed for Donald Trump's re-election, prioritizing cryptocurrency regulation under the incoming administration following previous regulatory actions deemed excessive.
Shirzad also wrote to key U.S. banking regulators such as the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), advocating for banks to provide services linked to the crypto industry. While the OCC opted not to comment, the Fed and FDIC did not immediately respond to requests for input from Reuters.
Although crypto companies claim that U.S. bank regulators have actively worked to isolate them from the traditional financial system, these claims remain unsubstantiated.
In the previous month, the U.S. Securities and Exchange Commission established a task force under new leadership to craft a regulatory framework for crypto assets.
Trump, often touted as a crypto president, has appointed a former PayPal executive as his White House A.I. & Crypto Czar indicating a forthcoming shift in U.S. digital currency policy. Nevertheless, U.S. bankers have shown reserved attitudes towards cryptocurrencies.