Coinbase received conditional OCC approval that moves it closer to operating as a federally regulated crypto custodian, pending compliance and final review. This development boosts Coinbase's push into institutional custody services and represents a significant regulatory milestone for the crypto industry.
The conditional approval allows Coinbase to advance toward operating under federal banking oversight, which could provide enhanced credibility and regulatory clarity for institutional clients seeking crypto custody services. The approval is subject to final compliance checks and ongoing regulatory review.
Meanwhile, Elon Musk's X platform deployed a scam kill switch by auto-locking first-time crypto mentioners in response to a wave of phishing attacks using fake copyright emails. This represents the latest attempt to shut down crypto-linked scams on the platform.
SoFi also announced a 24/7 banking hub that blends traditional cash with crypto, allowing companies to hold dollars, convert to stablecoins, and move money instantly within a regulated bank framework. These developments highlight the growing institutional adoption of crypto services.
