PANews reported on November 5 that the Independent Community Bankers Association (ICBA) sent a letter to the Office of the Comptroller of the Currency (OCC) urging the rejection of Coinbase National Trust Co.'s application for a national trust banking license, arguing that the application fails to meet statutory standards and, if approved, would set a dangerous precedent for the structure of the U.S. banking system.

In response, Coinbase Chief Legal Officer Paul Grewal stated, "Imagine someone opposing regulatory licensing simply because they prefer cryptocurrencies to be unregulated. That's the ICBA's position. This is yet another example of banking lobbying groups trying to protect their interests by building regulatory moats."