Coinbase Global Inc. (NASDAQ: COIN) announced that it has received conditional approval from the Office of the Comptroller of the Currency to establish a federally chartered national trust company. This approval allows Coinbase to operate under federal regulatory oversight for its custody and market infrastructure business. However, the company clarified that it is not transitioning into a commercial bank and will not be accepting retail deposits or engaging in fractional reserve banking. CEO Brian Armstrong emphasized that Coinbase is focused on bringing the infrastructure of crypto under federal regulatory oversight without becoming a bank. This move signifies a step towards regulatory uniformity in the cryptocurrency space.