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Crypto

Coinbase wins full U.S. national trust bank charter, widening crypto custody market

Coinbase has received full approval from the U.S. Office of the Comptroller of the Currency for a national trust bank charter. The decision allows the company to operate institutional crypto custody under a federal supervisory framework. The charter does not grant commercial banking status, including taking retail deposits, making loans or issuing stablecoins. The trust bank must meet capital and liquidity requirements. Coinbase plans to move existing custody business to the national trust bank over three years.

Crypto

New York, Wyoming streamline reviews of crypto firms, step up regulatory cooperation

Financial regulators in the U.S. states of New York and Wyoming have agreed to cooperate more closely in overseeing cryptocurrency companies. The New York State Department of Financial Services and the Wyoming Division of Banking signed a memorandum of understanding covering licensing, examinations and enforcement. The deal includes sharing review materials and past examination data, coordinating inspection schedules and pursuing joint examinations. Some firms may qualify for an expedited review track, with a target decision within 6 months.

Crypto

X Money\'s key perk of 6 percent annual interest hit as New York rate drops to 0 percent from October

X Money, a payments service launched by Elon Musk\'s X, will no longer be able to pay interest on stored balances in New York after the state financial regulator set the yield on New York customer accounts at 0.00 percent from Oct. 1. The change removes a benefit X promoted during its U.S. rollout, including a 6 percent annual yield for Premium Plus subscribers, and highlights how state-by-state licensing affects service terms.