Coinbase Receives Regulatory Boost as Crypto Legislation Advances

Cryptocurrency exchange Coinbase has received a major regulatory boost with the Office of the Comptroller of the Currency handing them a national bank trust charter.

The move comes as CEO Brian Armstrong ramps up pressure on Congress to finalize long-stalled digital asset legislation, including the Digital Asset Market Clarity Act.

Armstrong's reversal of stance on the bill follows an op-ed by US Treasury Secretary Scott Bessent in the Wall Street Journal, where he urged Congress to act without further delay.

The bill aims to provide clarity on how digital assets are regulated and has been a subject of negotiation between lawmakers and industry stakeholders. Coinbase's chief legal officer Paul Grewal stated that lawmakers were close to reaching an agreement last week.

Coinbase is not the only company benefiting from a friendlier political climate, with several other crypto companies receiving similar charter approvals in December.