FED Chairman Powell Puts Coinbase into Action! A Critical Move That Could Make Radical Changes in the Cryptocurrency Industry Has Arrived!

Coinbase, the largest US cryptocurrency exchange, has called on US regulators to allow banks to offer cryptocurrency services.

Coinbase has called on U.S. banking regulators to allow banks to offer crypto custody and trading services and to partner with firms like Coinbase, Bloomberg reported.

At this point, Coinbase wrote a letter to the US Office of the Comptroller of the Currency (OCC), the FED and the Federal Deposit Insurance Corporation (FDIC) containing this request.

Coinbase has asked the Federal Reserve and FDIC to allow state-chartered banks to offer cryptocurrency services, after asking the OCC to withdraw an interpretive letter that it claimed prevented banks from entering the digital asset market.

Coinbase has long advocated for banks to be able to service cryptocurrencies and better banking access for crypto businesses.

Coinbase's move comes after Fed Chairman Jerome Powell said in a speech last week that “banks can provide crypto services to their customers if they can manage the risks.”

As you may recall, Coinbase had previously filed a lawsuit against the US Securities and Exchange Commission (SEC) and the Federal Deposit Insurance Corporation (FDIC) for failing to comply with and violating its requests arising from the Freedom of Information Act (FOIA).

*This is not investment advice.