According to online reports, Coinbase sent a letter to the Office of the Comptroller of the Currency (OCC), the Federal Reserve Board of Governors (Fed) and the Federal Deposit Insurance Corporation (FDIC) today, asking regulators to confirm whether banks can freely provide services to cryptocurrency companies and clarify the status of banking services in the crypto industry. In the letter, Coinbase asked the OCC to withdraw an explanatory letter that was believed to "effectively set up a new banking activity application process" and restricted banks 'access to the crypto asset market. Coinbase also requested confirmation from the Federal Reserve and the FDIC whether state-chartered banks are allowed to provide crypto custody and execution services and outsource them to third-party service providers.