Coinbase Urges US Regulators To Remove Crypto Banking Barriers!

If banking services are confirmed in crypto then decentralized services can be provided through it. Through this, better quality services can be provided to the customers from the limitations that existed through the traditional banking system and at the same time, time can be saved. Crypto exchange Coinbase is putting pressure on the US regulatory agencies that currently regulate cryptocurrencies to ensure that banks are free to service crypto businesses.

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In order to ensure such services, Coinbase continues to make various efforts and for this the exchange site authority has sent a letter to the Office of the Comptroller of the Currency, the Federal Reserve Board of Governors and the Federal Deposit Insurance Corporation. Basically they are making such efforts to provide clarity by the US regulatory agencies on the status of banking services in crypto. This crypto exchange has asked the OCC to withdraw an explanatory letter. New banks have called for clarity to impose a real application process for operations so that there is transparency and thereby prevent banks from entering the crypto asset market.

Coinbase is primarily a US-based crypto exchange. The Fed and FDIC have been asked by state-chartered banks to ensure crypto custody and execution provision. In addition to this, the exchange is allowed to outsource. Coinbase wants crypto to bring transparency to banking systems and ensure that banking regulators are ready for crypto. In a separate letter from the three law firms, among the laws that Coinbase defends, current federal laws already allow banks to offer crypto services and work with third-party service providers like Coinbase.

Where the US has contacted banks asking them to stop their crypto operations. Where banks are moving forward with plans to offer crypto custody services. Coinbase has filed suit against the US Securities and Exchange Commission and the FDIC, accusing it of a concerted effort to cut off digital-asset firms from essential banking services. If you want to know more about it then you can read this news .