Coinbase has received conditional approval from the Office of the Comptroller of the Currency (OCC) for a national trust bank charter, making it the first major U.S. crypto exchange to clear this federal regulatory hurdle. The approval positions Coinbase to offer federally regulated digital asset custody services nationwide under a single federal license. Chief Legal Officer Paul Grewal confirmed the news, stating this provides regulatory trust needed for innovation. However, the move has sparked significant opposition from traditional banking groups who argue crypto firms are accessing bank-like federal status under lighter regulatory conditions. The Independent Community Bankers of America called the OCC's direction a 'grave mistake,' while the Bank Policy Institute is considering legal action.