The U.S. Office of the Comptroller of the Currency (OCC) has tentatively approved the crypto exchange's application after a six-month review. Similar approvals have previously been granted to Ripple Labs, BitGo, Circle, Fidelity Digital Assets, and Paxos. The license will allow Coinbase to custody digital assets on behalf of clients but prohibits the company from accepting deposits or issuing loans. The OCC charter will also simplify the integration of digital assets into traditional finance. Coinbase CLO Paul Grewal also stated that senators are close to an agreement on the key elements of the CLARITY Act. Previously, the crypto exchange opposed proposals in the bill regarding the structure of the crypto market.