Core Viewpoint - Coinbase's Chief Legal Officer Paul Grewal criticized traditional banking groups for opposing the crypto exchange's national trust bank charter application, suggesting that their actions prioritize protectionism over consumer protection [1][2]. Group 1: Opposition to Coinbase's Charter Application - The Independent Community Bankers of America (ICBA) urged federal regulators to deny Coinbase's charter application for its subsidiary, Coinbase National Trust Company, claiming it does not meet statutory chartering standards [2]. - The ICBA's opposition letter highlighted fundamental deficiencies in governance, profitability, sustainability, and receivership complexity, particularly during crypto bear markets [3]. - The ICBA also challenged the legal validity of OCC Interpretive Letter 1176, which allows national trust banks to engage in non-fiduciary activities beyond traditional trust services [3][4]. Group 2: Stablecoin Interest Payments Debate - The American Bankers Association and 52 state banking associations submitted a joint letter to the Treasury Department, advocating for strict enforcement of the GENIUS Act's prohibition on stablecoin interest payments [5]. - Banking associations expressed concerns that without a broad interpretation of the interest ban, digital asset platforms could exploit loopholes through high-yield rewards, undermining the law's intent to keep stablecoins as payment tools rather than investment vehicles [6].