Coinbase获OCC联邦信托银行牌照，机构托管业务受直接监管
Coinbase Wins Full Federal Trust Charter From OCC
Coinbase获得联邦信托牌照是加密行业合规化的重要里程碑，明确了机构托管业务的监管边界与资本要求。建议关注后续业务迁移进度及传统银行业的法律挑战。
Bitcoin Magazine
比特币杂志
Coinbase Wins Full Federal Trust Charter From OCC
Coinbase 获得 OCC 颁发的完整联邦信托特许状
Coinbase has won a full national trust bank charter from the Office of the Comptroller of the Currency, upgrading the conditional approval it received in April and putting its institutional custody business under direct federal supervision, the exchange said Monday.
Coinbase 周一表示，已从货币监理署（OCC）获得完整的国家银行信托特许状，将其今年四月获得的有条件批准升级为正式许可，并将其机构托管业务置于联邦直接监管之下。
The OCC approved the application for Coinbase National Trust Company last Friday, the company said in a blog post. OCC licensing records, as reported, show the chartering process was completed Nov. 6.
该公司在博客文章中称，OCC 上周五批准了 Coinbase National Trust Company 的申请。据报道，OCC 的许可记录显示，特许状颁发流程于 11 月 6 日完成。
Coinbase applied in October 2025 and received preliminary approval on April 2. In the intervening months it had to finish its organizational and operational preparations before the OCC would let the trust bank open.
Coinbase 于 2025 年 10 月提出申请，并于 4 月 2 日获得初步批准。在接下来的几个月里，它必须完成组织和运营方面的准备工作，OCC 才会允许该信托银行开业。
“This charter allows us to bring clear and consistent federal uniformity to our industry-leading custody capabilities,” Coinbase wrote, adding that it strengthens the regulatory framework under which it serves customers. The company said it has served as a custodian for more than 14 years.
Coinbase 写道：“这一特许状使我们能够为行业领先的托管能力带来清晰且一致的联邦统一性。”并补充说，这加强了其为客户服务所遵循的监管框架。该公司表示，其已担任托管人超过 14 年。
What the charter allows
特许状允许的事项
A national trust bank can hold assets for clients as a fiduciary, and Coinbase’s focus is custody for institutional customers. It is not a commercial bank. It cannot take ordinary retail deposits or make loans, and the charter does not authorize it to issue stablecoins.
国家信托银行可以作为受托人为客户持有资产，而 Coinbase 的重点是为机构客户提供托管服务。它不是一家商业银行。它不能吸收普通零售存款或发放贷款，且该特许状未授权其发行稳定币。
Staking, prime trading and financing will keep running through Coinbase affiliates, not the trust itself. Under the OCC’s April decision, the trust bank acts as an intermediary for those services and does not perform them directly.
质押、主交易和融资将继续通过 Coinbase 关联公司进行，而非信托本身。根据 OCC 四月的决定，该信托银行仅作为这些服务的中介，并不直接执行这些服务。
The decision also sets conditions. The trust bank must hold at least $60 million in Tier 1 capital and enough liquid assets to cover 180 days of operating expenses during its first three years.
该决定还设定了条件。该信托银行在第一三年内必须持有至少 6000 万美元的一级资本，以及足够的流动资产以覆盖 180 天的运营费用。
The license does not automatically connect Coinbase to Federal Reserve payment systems either. That requires a separate application under the Fed’s account access guidelines.
该许可证也不会自动将 Coinbase 连接到美联储支付系统。这需要按照美联储的账户访问指南单独申请。
Coinbase already runs custody through Coinbase Custody Trust Company, a limited-purpose trust regulated by the New York State Department of Financial Services. The company plans to move that business to the national entity over three years.
Coinbase 目前通过 Coinbase Custody Trust Company 运行托管业务，这是一家由纽约州金融服务部监管的有限目的信托。该公司计划在未来三年内将该业务迁移至该全国性实体。
A crowded charter queue
拥挤的特许状排队队列
Coinbase is the latest crypto firm to complete a federal trust charter. Ripple received final approval on Oct. 26, and Circle won final OCC approval in July, a decision that put USDC reserves on a path toward federal supervision.
Coinbase 是最新一家完成联邦信托特许状申请的加密货币公司。Ripple 于 10 月 26 日获得最终批准，Circle 于七月获得 OCC 的最终批准，这一决定使 USDC 储备走上联邦监管之路。
The OCC has been courting the sector. In August, Comptroller Jonathan V. Gould said “America and the OCC are once again open for business,” as the regulator touted its charter push. Ripple, Circle, Crypto.com and Paxos had all received conditional approval by then. Block applied for its own banking charter in September.
美国货币监理署（OCC）一直在积极争取该行业。8月，货币监理署署长乔纳森·V·古尔德表示“美国和货币监理署再次开放业务”，监管机构大力推动其特许牌照计划。截至当时，Ripple、Circle、Crypto.com 和 Paxos 均已获得有条件批准。Block 于9月申请了自己的银行特许牌照。
The approval did not come without resistance. The Independent Community Bankers of America urged the OCC in December to reject Coinbase’s application, arguing the exchange has “demonstrably flawed risk and control functions.” The American Bankers Association asked the regulator in February to slow its review of crypto charter requests.
此次批准并非没有遭遇阻力。美国独立社区银行家协会在12月敦促货币监理署拒绝 Coinbase 的申请，理由是这家交易所“明显存在有缺陷的风险和控制职能”。美国银行协会在2月要求监管机构放缓对加密特许牌照申请的审查速度。
Underneath those objections is a turf war over stablecoins. Coinbase wants to pay customers rewards for holding the tokens, and banks say that could erode their deposit base.
在这些反对意见背后，是一场围绕稳定币的势力争夺战。Coinbase 希望为持有代币的客户支付奖励，而银行方面认为这可能会侵蚀其存款基础。
Coinbase (COIN) did not disclose any financial impact from the charter in its announcement, which framed the approval as a regulatory milestone.
Coinbase (COIN) 在其公告中未披露该特许牌照带来的任何财务影响，该公告将此次批准描述为一项监管里程碑。
The timing is notable. The approval arrives days after Democrats won both chambers of Congress, and a charter issued by an executive-branch regulator sits outside any legislative fight, at least for now. Vice Chairman Ryan VanGrack said the company has spent years “asking for clear rules and rigorous oversight.” The company also said the approval is “another major step” in integrating digital assets into the American financial system.
时机值得注意。此次批准发生在民主党赢得国会两院控制权后的几天内，而由行政部门监管机构颁发的特许牌照目前处于任何立法斗争之外。副主席瑞安·范格拉克表示，该公司多年来一直在“寻求明确的规则和严格的监管”。该公司还表示，此次批准是将数字资产整合到美国金融体系中的“另一个重大步骤”。
The next test is whether Coinbase moves its existing custody clients over on schedule, and whether the community bankers who opposed the charter take their objections to court or to Congress.
下一个考验是 Coinbase 是否能按计划迁移其现有的托管客户，以及那些反对该特许牌照的社区银行家是否会将其异议诉诸法院或提交给国会。
This post Coinbase Wins Full Federal Trust Charter From OCC first appeared on Bitcoin Magazine and is written by Micah Zimmerman.
本文《Coinbase 从 OCC 获得全额联邦信托特许牌照》最初发表于 Bitcoin Magazine，由 Micah Zimmerman 撰写。
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