The Independent Community Bankers of America (ICBA) opposes cryptocurrency exchange Coinbase's application for a national trust company charter in the United States—an action that could threaten the interests of banks as the company moves closer to traditional finance.

In a letter to the Office of the Comptroller of the Currency (OCC)—the agency responsible for approving banking applications—on Monday, the ICBA stated it "strongly opposes" the trust charter application from Coinbase's subsidiary. The letter cited "untested" factors related to cryptocurrency custody and claimed that Coinbase's branch would "struggle to achieve and maintain profitability during a cryptocurrency bear market."

"Imagine opposing a regulated trust charter because you prefer cryptocurrency to remain… unregulated," said Coinbase Chief Legal Officer Paul Grewal in a post on X on Tuesday. "This is the position of the ICBA. This is another case of bank lobbyists trying to dig a regulatory moat to protect their own interests."

Coinbase applied for a national trust charter in October as part of its plan to "bridge the gap between the crypto economy and the traditional financial system." Reports indicate that the OCC may take 12 to 18 months to review the cryptocurrency exchange's application.

The ICBA's letter urged the OCC to reject Coinbase's application or, alternatively, allow more time for public review of the company's business plan and the "legal, prudential, and public interest implications."

Cointelegraph has reached out to the OCC for comment but has not received a response as of publication.

Although Coinbase stated that it "does not intend to become a bank" by submitting its application to the OCC, other crypto companies, such as Ripple and Circle, have applied for national bank charters. These moves came after the U.S. government established a framework for payment stablecoins through legislation—both Ripple and Circle have issued their own stablecoins, Ripple USD (RLUSD) and USDC, respectively.

The OCC was scheduled to conclude its review of Ripple's application last week, but as of Tuesday, the agency has not publicly announced any decisions. Cointelegraph has reached out to Ripple for comment but has not received a response as of publication.

Related: EU's plan to centralize crypto regulation under ESMA sparks industry divide

Original article: “Coinbase executives criticize banks' resistance to cryptocurrency charter application”

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