$COIN · The Motley Fool · 2026-11-09
Coinbase 的国民信托公司牌照是联邦层面的机构加密资产托管牌照，而非银行牌照：不涉及零售存款、放贷、自有稳定币或接入美联储支付系统，但它终结了逐州审批的纽约监管体制，使 Coinbase 与大型托管银行处于同一监管地位。这支撑其增长叙事，并通过新的收入来源降低 Coinbase 对加密行情繁荣的依赖，但本身不会推动股价，也不会带动散户炒作或交易量，并且对加密行业整体没有更广泛的含义。
逐段跳播
欢迎回到 Mly Fool Hidden Gems Investing。今天我们收到了 Coinbase 的一些消息。这是最大的加密货币交易所，你可以在那里买卖加密货币、持有加密货币。
它已被批准成为一家国家信托公司，这对我来说完全是外语。所以，我们要请我们的翻译进来。Matt，什么是国家信托公司，为什么 Coinbase 想要拥有一家？
Welcome back to Mly Fool Hidden Gems Investing. Today we got some news from Coinbase. This is the largest cryptocurrency exchange, so where you can buy and sell cryptocurrencies, hold them.
It has been approved as a national trust company, and that is foreign language to me. So, we're going to get our interpreter in here. Matt, what is a national trust company, and why does Coinbase want to have one?
简短的回答是，国家信托公司给了他们一张联邦牌照，可以代表机构持有加密货币。它由联邦机构监管，而不是像以前那样由州监管，他们以前持有的是纽约州牌照。所以这不仅仅是州级的加密货币牌照。
它取代了他们自2018年以来一直持有的纽约州特许牌照。同样重要的是要认识到这不是什么。我知道你在开场白里几次用到了“银行”这个词。这并不允许 Coinbase 吸收零售存款。它不允许他们发放贷款。
它不允许他们发行自己的稳定币。那是另一回事。它也不给他们接入美联储支付系统的权限。所以，传统银行能做的很多事情，这个牌照并不赋予他们，但它让他们可以成为某种面向机构的加密货币托管机构。
So the short answer is a national trust company gives them a federal license to hold crypto on behalf of institutions. Uh it's overseen by the by a federal authority instead of a state like they used to have a New York state license.
So it's not just a state level crypto license. Um it replaces the cryp the New York charter that they had in place since 2018. It's also important to realize what this isn't. Um, I mean, I know you used the word bank a couple times in the introduction.
This does not let Coinbase say take retail deposits. It doesn't allow them to make loans. It doesn't allow them to issue their own stable coins. That's a separate thing. Uh, it doesn't give them access to the Federal Reserve's payment systems.
So, there's a lot that traditional banks and can do that this doesn't give it, but it lets them be kind of a crypto custodian for institutions.
值得指出的是，Circle 在7月拿到了他们的牌照。Ripple 在10月拿到了他们的。Block 和 Kraken 都申请了这个。所以这绝对更像是一种趋势，而不是一次性的事情。
只是 Coinbase 的规模，我很确定，比我刚才提到的那四家加起来还要大。所以这就是为什么这件事如此重要。
It's worth pointing out. Circle got theirs in July. Ripple got theirs in October. Block and Kraken have both applied for this. Uh so it's definitely more of a trend and this is like a one-time thing.
It's just that Coinbase is by I'm pretty sure bigger than the other four I just mentioned combined. Uh so so that's why this is such a significant thing.
是的，我认为这作为增长故事的一部分很重要。Coinbase 国家信托公司从 OCC 获得了特殊的联邦牌照，OCC 是监管美国大型银行的联邦机构。以前，Coinbase 基本上必须逐州获得批准。
那是一堆不同的规则，很混乱。而这张新牌照基本上让他们与一些规模更大的托管银行处于相同的法律和监管竞争环境。正如 Matt 指出的，这是一张信托牌照。它不是传统的银行牌照。它是一种，可以说，受到高度审计的托管服务，面向大型机构。
Yeah, I think I think it's important as part of the growth story here. I mean, the the Coinbase National Trust Company, they got the special federal license from the OC, which is the federal agency that oversees the big US banks.
You know, previously, Coinbase had to get approved essentially state by state. That's a mess of different rules. And this new license essentially puts them on the same legal and regulatory playing field as some of the bigger custodian banks.
Like Matt noted, this is a trust license. It is not a traditional bank license. It is a very, you know, highly audited uh sort of custody service, if you will, for the big institutions.
例如，Coinbase 同意遵守传统银行体系的严格规则，尽管有《Genius Act》所设置的新护栏。所以本质上，我们看到的是某种整合。
Coinbase for example is agreeing to the strict rules of the legacy banking system albeit you know new guardrails that have been put in place by the Genius Act. So essentially we are seeing an integration.
银行牌照，或者说那张牌照，不是银行牌照，Coinbase 刚刚拿到的这个东西本身不会推动价格。它让 Coinbase 对加密货币繁荣的依赖降低，因为它给了他们一条新的收入来源。
它可以为他们的平台带来更多资产，诸如此类。他们就是靠这个赚钱的。
The banking charter or the charter the the not the banking charter, what what Coinbase just got isn't going to move prices by itself. It makes Coinbase less dependent on a crypto boom because it gives them a new stream of revenue.
Uh, you know, it it can bring assets more assets into their platform, things like that. That's where they make their money.
我并不一定认为我们会看到加密货币重新苏醒。我指的是我们这里谈论的 Coinbase，以及 Circle、Ripple 在获得国家信托牌照、这张联邦牌照方面所采取的行动。这很大程度上是关于这些企业的背景要素，把这类整合纳入更广泛的金融体系，也纳入监管领域。它并不会带动散户的炒作或交易量。
I don't necessarily think we see crypto wake back up. I mean what we're talking about here with Coinbase and uh you know the actions taken by Circle, you know, Ripple as it as it pertains to having a national trust charter, this federal license.
I mean this is very much about kind of the background elements for these businesses putting those kind of integrations in place into the broader financial system and and within the regulatory space as well.
It doesn't drive you know retail hype or or trading volume.
所以我认为，如果你看这条新闻，你会希望看到像 Coinbase 这样的企业进一步融入现有的金融体系，但我不认为你能从中得出对整个加密货币的更广泛影响。
So I think if [music] anything, if you look at this news, you want to see businesses like Coinbase being further [music] integrated into the existing financial system, but I don't think that you can take away broader implications for crypto as a whole.
如果你看这条新闻，你会希望看到像 Coinbase 这样的企业进一步融入现有的金融体系
if you look at this news, you want to see businesses like Coinbase being further integrated into the existing financial system