Overview
- The Nasdaq-listed company lodged its complaint with the House Economics Committee’s inquiry into digital payments and innovation.
- It alleges banks are cutting off access through unilateral account closures and by blocking or limiting transfers linked to digital assets.
- Coinbase warns that the four lenders’ control of transaction accounts and payment rails lets exits operate as an “unlawful regulatory ban” on lawful firms.
- The company urges legislation for five measures from the Council of Financial Regulators, including stated reasons for closures, access to dispute resolution, 30 days’ notice, and bank self-certification.
- The push comes as proposed rules would require crypto exchanges to obtain an Australian Financial Services Licence from ASIC, increasing the urgency of stable banking access.