ICBA called on the Office of the Comptroller of the Currency to rescind or suspend its conditional approval of Coinbase Global’s application for a national trust bank charter until criminal allegations against Coinbase’s wholly owned subsidiary, Coinbase Financial Markets Inc., are resolved.

This follows the New York State Attorney General’s lawsuit alleging that the Coinbase Global subsidiary is violating New York and federal laws by running illegal prediction markets that lack consumer protections and internal controls.