Coinbase Urges US to Clarify Crypto Banking Rules

Coinbase Urges US Regulators to Remove Crypto Banking Barriers in New Letter – Report

Coinbase, a leading cryptocurrency exchange, has called on US regulators to remove barriers that hinder crypto banking services. In a letter to the Office of the Comptroller of the Currency (OCC), Coinbase urged the agency to clarify its guidance on providing banking services to crypto companies. The letter, signed by Coinbase CEO Brian Armstrong, emphasized the need for clear regulations to foster innovation and growth in the crypto industry.

The OCC, under the Trump administration, has been supportive of the crypto industry. In 2020, the agency issued guidance allowing national banks to provide cryptocurrency custody services. However, Coinbase argues that more clarity is needed to ensure that banks can fully engage with the crypto sector without fear of regulatory reprisals.

Coinbase's letter comes amidst a broader push for clearer crypto regulations in the US. In recent months, key lawmakers have backed legislation to bring clearer rules for cryptocurrencies like Bitcoin and XRP. Ripple's CEO, Brad Garlinghouse, has expressed excitement about these changes, calling them a "big deal" for the US crypto market.

David Sacks, the US Crypto Czar, has been pushing for clearer rules and regulations for cryptocurrencies. He has been joined by important lawmakers, including those from the Senate and the House of Representatives, who are now backing legislation to bring clearer rules for crypto. This united effort shows that Washington is finally taking crypto seriously and working on rules that will provide more certainty for businesses and investors.

Coinbase's letter highlights the importance of stablecoins in the crypto ecosystem. Stablecoins, like Tether's USDT and Circle's USDC, are digital currencies tied to real-world assets like the US dollar. Coinbase believes that stablecoins could strengthen the dollar globally and encourage more people to use a digital dollar. This could also create more demand for US government bonds, which might lower long-term interest rates.

Despite some uncertainties, Coinbase remains confident in the future of crypto in the US. The push for clearer regulations is a crucial step in the right direction. As for XRP, crypto experts EGRAG Cryptopredictit could see price increases soon, possibly reaching $4–$5. While $20 might be a stretch, the outlook for XRP remains