On February 4, Coinbase Global reiterated its call for U.S. banking regulators to clarify their stance on banks providing cryptocurrency services and potentially partnering with companies in the digital assets sector.
The cryptocurrency exchange's initiative coincides with efforts to advocate for a regulatory framework supporting the industry's expansion. Many traditional U.S. banks have refrained from engaging with digital asset firms due to regulatory uncertainties.
Coinbase's Chief Policy Officer, Faryar Shirzad, expressed frustration on social media about banking regulators hindering banks from offering crypto services without proper democratic process.
In a letter to key U.S. banking regulators like the OCC, the Federal Reserve, and the FDIC, Shirzad urged allowing banks to provide services related to the crypto industry. The OCC declined to comment, while the Fed and FDIC did not immediately respond to Reuters' inquiries.
Although crypto companies claim U.S. bank supervisors are deliberately stifling their access to traditional financial systems, there has been no official confirmation of such actions.
Recently, the U.S. Securities and Exchange Commission established a task force to develop a regulatory framework for crypto assets under new leadership.
Former President Trump, often portrayed as a "crypto president," appointed a former PayPal executive as his "White House A.I. & Crypto Czar." These developments are expected to influence U.S. digital currency policies, yet American bankers have remained cautious about cryptocurrencies.