Crypto exchange Coinbase (Nasdaq: COIN) is pressing federal banking regulators to create standardized regulations for cryptocurrency-related services within the banking industry. On Feb. 4, the company sent a formal request to the Office of the Comptroller of the Currency (OCC), the Federal Reserve, and the Federal Deposit Insurance Corporation (FDIC), urging them to update existing policies. The proposed changes would allow banks to provide crypto custody and execution (C&E) services either directly or through third-party providers such as Coinbase.

Regulatory barriers that prevent legally compliant crypto firms from partnering with banks should be eliminated, according to Coinbase. Chief Policy Officer Faryar Shirzad elaborated:

Specifically, our letter urges the OCC, Federal Reserve, and FDIC to 1) confirm that banks are permitted to offer crypto C&E services either directly or through established third parties [and] 2) remove unlawful, inconsistent impediments for C&E service providers to partner with banks.

Ensuring that consumers can store digital assets with trusted financial entities, whether traditional banks or cryptocurrency-focused platforms, remains a key priority for the company.

Uncertainty in crypto-related banking regulations has resulted from a lack of definitive guidelines, according to Coinbase. The firm contends that regulators have relied on inconsistent directives rather than implementing structured, legally binding rules through standard notice and comment procedures. Establishing clear policies, the company argues, would improve financial stability, transparency, and security.

To bolster its position, Coinbase references a legal review conducted by three law firms, concluding that current restrictions on crypto banking partnerships were improperly enforced and lack a statutory foundation. The company maintains that well-defined regulations would create a stable framework that persists regardless of political shifts, benefiting financial institutions, service providers, and consumers alike.

With the Trump administration taking office, Coinbase remains engaged in regulatory discussions aimed at fostering financial innovation while maintaining consumer safeguards. The company asserts that transparent, fair rules will serve the interests of both traditional banks and the evolving cryptocurrency sector. Shirzad stated:

We believe that clear, durable rules, established through proper democratic channels, will benefit all stakeholders – from traditional banks to crypto companies, and most importantly, the consumers we serve.

Without regulatory consistency, Coinbase warns, integrating digital assets into mainstream banking will continue to face obstacles, restricting financial security and accessibility for consumers. The company plans to maintain dialogue with regulators, financial institutions, and policymakers to promote a well-regulated and inclusive financial ecosystem.

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