
The standoff between crypto industry and American banking regulators takes on a decisive turn. For several years, companies in the sector have denounced restrictions that limit their access to traditional banking services. This phenomenon of “debanking”, perceived as an unjustified obstacle, slows down their development and feeds a climate of uncertainty. Faced with this situation, Coinbase goes up to the niche. In a letter addressed to the Federal Reserve (FED), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCC), the platform claims the obstacles that prevent banks from collaborating with Crypto actors. Coinbase requests the cancellation of a directive of the OCC, because the platform believes that it requires an excessive approval process for new banking activities related to cryptos. The company judges this approach contrary to the law and calls on regulators to officially recognize banking law to provide childcare and execution services. This offensive comes as the debate takes on a political magnitude. Under the pressure of Republican parliamentarians, the Congress organizes two key hearings this week, in the Senate and the House of Representatives, to examine these controversial practices. The outcome of these discussions could redefine the regulatory framework for crypto industry in the United States.

Coinbase claims: towards the end of “Debanking” crypto?
Coinbase attacks American banking regulators head on and requires clarifications on the rules that supervise the financial services linked to cryptos. In a letter addressed to the Federal Reserve (Fed), the Federal Deposit Insurance Corporation (FDIC) and the Office of the Comptroller of the Currency (OCS), the Exchange calls for the repeal of a directive deemed too much binding. Depending on the platform, a interpretative letter of the West introduces an implicit approval process for new banking activities related to cryptos, without going through a formal regulatory procedure. Coinbase believes that this approach violates the administrative procedure act, a federal law which guarantees the transparency and the legitimacy of the rules adopted by government agencies.
In addition to this request, Coinbase urges the Fed and the FDIC to be officially confirmed that state banks under their supervision have the right to offer childcare and execution services. For the company, these restrictions slow down the development of the sector, but also create a competitive imbalance and prevent access to traditional financial infrastructure. Faryar Shirzad, Director of Public Affairs at Coinbase, A denounced This situation in a message published on X (ex-Twitter) on February 4, 2025: “For several years, American banking regulators have unilaterally and without democratic justification the banks from offering crypto services. It must stop ”.
Coinbase's approach comes when frustration grows among companies in the sector, which are struggling to obtain or keep bank accounts in the United States. This phenomenon of “debanking”, often attributed to blurred guidelines and an excessive application of prudential rules, feeds a climate of uncertainty that weighs on the innovation and competitiveness of crypto societies on American soil.
A booming political battle: issues and uncertainties
In Washington, the question of “debanking” of Crypto companies is a subject of major controversy. The pressure exerted by several republican parliamentarians is intensifying because they accuse regulators of trying to discreetly oust the crypto industry of the traditional banking system. To respond to these concerns, the Congress programmed two hearings this week, one before the Senate Banque Committee, the other before the Commission of Financial Services of the House of Representatives. During these sessions, Paul Grewal, legal director of Coinbase, will explain the position of the company and defend the right of crypto actors to access banking services.
Beyond the political issue, the economic dimension of this case provokes concerns. Large American banks, subject to strict rules in the fight against money laundering, still hesitate to collaborate with the crypto industry. This climate of uncertainty is accentuated by the vagueness surrounding the orientations of the new Trump administration. Travis Hill, recently appointed interim president of the FDIC, recognized the need to clarify the regulatory framework, but without announcing concrete measures to soften the restrictions in force.
The outcome of these debates could reshape the banking landscape for the crypto industry in the United States. If political pressures lead to a relaxation of restrictions, Crypto companies could finally access stable and secure banking services. On the other hand, if the regulators maintain their cautious approach, even tightening it, the progressive exclusion of the crypto sector of the traditional financial system could continue. In this context, the coming months will be decisive for the future of relations between banks and the cryptos ecosystem.
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