A Coinbase executive has voiced criticism regarding the banking industry's resistance to the company's subsidiary application for a crypto charter. In a letter to the US Office of the Comptroller of the Currency (OCC), the Independent Community Bankers of America (ICBA) expressed strong opposition to Coinbase's subsidiary seeking a trust charter. The ICBA cited "untested" elements related to cryptocurrency custody and questioned the subsidiary's ability to maintain profitability during crypto market downturns.

Coinbase is aiming to broaden its services, aspiring to become a "super app" that could potentially replace traditional banks. CEO Brian Armstrong stated the company's desire to provide a wide array of financial services, ultimately becoming users' primary financial account. Armstrong has previously criticized the banking lobby for what he perceives as obstructive actions. Specifically, he called out the banking industry's response to the proposed stablecoin legislation, the Genius Act, which they claim could lead to a significant outflow of deposits from banks, potentially reaching $6 trillion. Armstrong downplayed these concerns, suggesting that senators are unlikely to revisit the issue.

The tension between established financial institutions and cryptocurrency companies is escalating as crypto firms seek to integrate digital assets into mainstream finance. The Trump administration has made several pro-crypto moves, including executive orders, a White House crypto summit, and appointments of crypto advocates to key government positions. Paul Atkins, the new chair of the Securities and Exchange Commission (SEC), introduced "Project Crypto," a deregulation initiative designed to modernize securities guidelines, promote tokenization, and allow firms to offer both crypto and traditional assets. This initiative could pave the way for the emergence of financial "super apps".