Coinbase just kicked the door down at U.S. banking regulators' offices, demanding they stop playing games with crypto banking.

And with Trump's crew running the show and ETFs printing money, they might just listen.

It’s a new dawn for crypto regulation in the US, so when one of the biggest players comes knocking at a time like this, you know it’s strategic. 

The Shopping List

Coinbase isn't asking nicely anymore. They want:

They want that sketchy OCC Letter 1179 from 2021 thrown out and clear rules saying banks can actually touch crypto. 

They’re also fighting tooth and nail to end the whole "debanking" drama that's been freezing everyone, even legitimate Web3-based businesses, out of the traditional financial system.

They even brought the big guns from Arnold & Porter and Cleary Gottlieb (serious legal heavyweights for those unfamiliar with the firms) to make their point.

The timing makes sense, given the winds of change are blowing through Washington and gusting new clarity for Web3 operators. 

SAB 121 is officially dead and buried thanks to the new SAB 122 regulation.

New personnel are now manning the helms at the FDIC and SEC. 

Even the global rules are loosening up (unless you’re in Europe, but that’s a story for another day.)

But Goldman's David Solomon's still acting like crypto's radioactive – he might change his tune as regulations warm up, and as always, it’s essential to watch what these big companies do, not what they say. 

Coinbase Can Afford Political Drama

Coinbase is flexing hard with its $28B+ in Bitcoin ETF custody, including BlackRock's $10B IBIT fund.

Banks like BNY Mellon are now trying to get in on the action as well, which may further bolster those figures.

Meanwhile, JPMorgan's playing both sides – offering Bitcoin to rich folks while their blockchain team innovates via its Kinexys platform, which is already processing over $1 trillion in volume. 

While all this is unfolding, Republicans are wary of Operation Choke Point 2.0 – the attempt by the previous administration to bottleneck and stifle crypto innovation in the US using enforcement action and hostile agencies. 

Coinbase's legal chief is all over it, having just roasted the FDIC in Congress 

A New Base For Coins?

Stablecoins are under the microscope post-Terra regardless of whether Coinbase gets what it wants.

Banks need to show they’re compliant by 2025, and Trump's picks are getting side-eye from Senate Democrats, so he doesn’t exactly have complete control over all aspects of how this plays out. 

Coinbase is joined by a chorus of Web3 companies working in the US that are demanding banking access and fair treatment. 

With $10T in potential crypto market cap on the line, they're done playing nice and want to be treated like any other business.

But between election drama, regulatory theater, and banks being, well, banks, this year may finally see the dislodging of blockers and crypto move into the financial mainstream.