US Crypto Trust Charters Face Senate Scrutiny as Coinbase Receives Final Approval

US regulators are allowing more cryptocurrency companies to operate under US crypto trust charters, but the expansion is attracting growing scrutiny from lawmakers concerned about compliance standards, regulatory oversight, and potential political conflicts of interest. The latest development came on November 9, when Coinbase announced that its national trust company had received final approval to begin operations. The Office of the Comptroller of the Currency (OCC) had previously granted the company preliminary conditional approval in April, providing a path toward operating its custody business under a federal regulatory framework. However, the approval comes as Democratic senators intensify efforts to obtain records explaining how crypto companies secured these charters and whether regulators followed the appropriate legal procedures.

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