Coinbase (COIN) got conditional approval from the OCC to become a national trust bank. They still need to pass a few hurdles like an OCC exam before it is final. The charter doesn't let them take deposits or get FDIC insurance, but it gives them national status to hold customer assets and handle settlements. Their VP mentioned this should help bring in more asset managers and hedge funds that require this specific type of charter. Several other firms, including crypto companies and traditional players like Morgan Stanley, are also applying for or have received similar approvals recently.