The ICBA has requested that Coinbase be denied a banking license, to which Coinbase accuses it of protectionism.

Huoxun Finance reported on November 5th 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. The letter argued that the application failed to meet statutory standards and that approval would set a dangerous precedent for the structure of the U.S. banking system. In response, Coinbase's Chief Legal Officer, Paul Grewal, stated, "Imagine someone opposing a regulatory license simply because they prefer cryptocurrency to be unregulated. That's the ICBA's position. This is yet another example of banking lobbying groups attempting to protect their interests by building regulatory moats."