The Independent Community Bankers of America (ICBA) is opposing Coinbase’s application for a National Trust Company Charter in the US, potentially impacting banks’ interests as the company moves towards traditional finance. In a letter to the OCC, the ICBA voiced strong opposition, citing concerns about crypto custody and Coinbase’s subsidiary’s profitability during market downturns. Coinbase’s chief legal officer Paul Grewal countered, suggesting that the opposition is motivated by bank-favored regulations. 12-18 months are expected to pass before a decision on the application. Other crypto companies like Ripple Labs and Circle have also applied for national bank charters following legislation for stablecoin regulation.