Banks urge OCC to deny Coinbase’s national trust charter application

America’s community banks want regulators to kill Coinbase’s banking dreams. On Monday, the Independent Community Bankers of America urged the Office of the Comptroller of the Currency to reject Coinbase’s application for national trust bank charter, arguing the exchange has “demonstrably flawed risk and control functions” and operates under governance that “prevents independent oversight.” The 12-page letter attacks Coinbase’s plan to launch its Coinbase National Trust Company on multiple fronts: legal ...