Here’s what happened in crypto today

Need to know what happened in crypto today? Here is the latest news on daily trends and events impacting Bitcoin price, blockchain, DeFi, NFTs, Web3 and crypto regulation.

Today in crypto, community banking groups pushed back against the approval of Coinbase’s national bank charter, arguing that it falls short of the industry’s regulatory standards. Meanwhile, the fallout from the Drift Protocol exploit continues and the International Monetary Fund (IMF) said tokenization in finance removes friction but introduces risks.

US community banking groups are pushing back against the Office of the Comptroller of the Currency’s (OCC) conditional approval of a national trust charter for Coinbase, arguing the decision could weaken regulatory standards. The Independent Community Bankers of America (ICBA) said the move may allow crypto companies to operate under a different framework than traditional banks.

The group raised concerns that granting a trust charter to a crypto company could blur the lines between banking and digital asset services. According to the ICBA, Coinbase’s business model does not align with the legal requirements for institutions seeking such approval.

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