The crypto exchange calls for clearer guidelines as US banks remain hesitant to engage with digital assets.
Coinbase Pushes for Banking Clarity
Coinbase Global is urging US banking regulators to revise their stance on banks offering crypto services and partnering with digital asset firms. The company argues that unclear regulations have kept traditional banks from engaging with the crypto sector, stifling industry growth.
Regulatory Barriers to Crypto Banking
Chief Policy Officer Faryar Shirzad criticized regulators for restricting banks from offering crypto services, calling the actions “undemocratic.” He sent a letter to the Federal Reserve, the Federal Deposit Insurance Corporation (FDIC), and the Office of the Comptroller of the Currency (OCC), requesting policy changes. The OCC declined to comment, while the Fed and FDIC have yet to respond.
Political Influence on Crypto Regulation
As the industry lobbies for regulatory clarity, crypto firms have supported Donald Trump’s presidential campaign, hoping for more favorable policies. Trump recently appointed ex-PayPal executive David Sacks as his “White House A.I. & Crypto Czar,” signaling a potential shift in US crypto policy.
Banks Remain Hesitant Despite Market Developments
Despite growing political momentum, US banks continue to approach crypto with caution. Meanwhile, Bitcoin dropped to a three-week low amid market uncertainty.
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