AFREF Opposes the Crypto Exchange Coinbase’s Attempt to Get a Bank Charter

AFREF filed comments in opposition to giving Coinbase, the nation’s biggest cryptocurrency exchange, its own bank charter. The proposed new crypto bank would impermissibly combine commerce and banking, create giant risks to the financial system and economy when the next crypto crash inevitably occurs, and gives Coinbase the public benefits of being a member bank of the Federal Reserve — including accessing discounted loans, payment rails, and emergency bailout funding.