Coinbase Exec Blasts Banks for Sabotaging Crypto Charter Push

A top Coinbase official fired a warning shot at America’s biggest banks Tuesday, claiming they are quietly lobbying federal regulators to **kill a proposed national crypto charter** that would let digital-asset firms operate like banks nationwide.

“Every time we get close to a federal framework, the megabanks mobilize,” the executive told the D.C. Fintech Policy Summit. “They’re not protecting consumers—they’re protecting their monopoly.”

The charter, floated by the **Office of the Comptroller of the Currency (OCC)** during the Trump administration, would grant crypto platforms a **single federal license** instead of wrestling 50 state money-transmitter rules. Proponents say it would slash compliance costs by 70 % and unlock billions in institutional capital.

Yet progress stalled after the **American Bankers Association** and allies flooded regulators with comment letters warning of “systemic risk.” Industry trackers say bank PACs have donated **$42 million** to key congressional committees since 2023—coinciding with repeated delays.

“Traditional finance fears blockchain the way Blockbuster feared Netflix,” said Coinbase’s chief policy officer Faryar Shirzad in a follow-up statement. “A level playing field isn’t charity; it’s competition.”

The standoff arrives as Bitcoin hovers near $69,000 and **stablecoin volume** surpasses Visa in daily settlements. Analysts at Bernstein predict clear U.S. rules could add **$1 trillion** to crypto market cap by 2027.

Lawmakers on both sides now signal movement. The House passed the **FIT21 Act** (crypto market-structure bill) with bipartisan support; Senate Banking Chair Sherrod Brown (D-OH) has scheduled hearings for Q1 2026.

Coinbase vows to keep pressing. “Innovation won’t wait for permission,” Shirzad added. “But smart regulation will decide whether America leads the next financial revolution—or watches from the sidelines.”