Coinbase's CLO, Paul Grewal, says that the lobbyists want to keep crypto boxed out

Coinbase's Uphill Battle for a National Trust Charter Faces Powerful Headwinds Coinbase, the leading cryptocurrency exchange, is reportedly facing major obstacles in its push to secure a national trust charter from the US Office of the Comptroller of the Currency (OCC). At the heart of the issue is pushback from one of the most influential bank lobbying groups in Washington - the Independent Community Bankers of America (ICBA). According to reports, the ICBA has urged the OCC to deny Coinbase's application, seeking to keep the crypto industry "boxed out" from the traditional banking sphere. This reflects the broader resistance the cryptocurrency sector often faces from entrenched financial institutions concerned about the disruptive potential of digital assets. Coinbase's quest for a national trust charter is a strategic move that would grant the exchange greater regulatory clarity and autonomy to operate across state lines. However, the ICBA's staunch opposition poses a significant challenge, underscoring the power of traditional banking interests to impede the crypto industry's progress. The clash highlights the ongoing tug-of-war between the crypto ecosystem and established financial institutions, as the former seeks greater integration and legitimacy while the latter works to protect their dominance. Crypto enthusiasts and investors will be closely watching how this high-stakes battle unfolds, as the outcome could have far-reaching implications for the future of the cryptocurrency market in the United States.