Coinbase, the largest U.S.-based crypto exchange, has received conditional approval for a national trust company charter from the Office of the Comptroller of the Currency, according to a statement.

"This charter is about bringing federal regulatory uniformity to the custody and market infrastructure business we have been building for years," Coinbase said. "Conditional approval means that Coinbase is positioned to build the next chapter of finance with the regulatory confidence that our partners, customers, and the broader market need."

The crypto firm is among several that have applied for the charter. Paxos, BitGo, Ripple, and Circle have also sought approval. Last month, the stablecoin platform Bridge, owned by Stripe, gained conditional approval.

Coinbase isn't looking to become a bank, but the company's VP of Institutional Product has said "an OCC charter will streamline oversight for new offerings and enable continued innovation to integrate digital assets into traditional finance."

"We will not be taking retail deposits. We will not be engaging in fractional reserve banking," Coinbase added Thursday.

Coinbase gaining approval comes as it and other crypto advocates debate new legislation in Washington, D.C. The legislation in question, the Clarity Act — currently stalled in the Senate — is meant to provide greater regulatory certainty around digital assets investing.