Pam Bondi Is Out, Blanche Is In and Coinbase Just Got Its Federal Charter

Pam Bondi is no longer the US attorney general. Instead, Deputy Todd Blanche has taken over, at least for now. The leadership change comes at a sensitive moment for crypto regulation. Enforcement priorities have already started shifting under Blanche’s watch. On the same day, Coinbase moved a step closer to becoming a federally chartered crypto custodian. This adds to the notion that policy and market structure are growing in parallel.

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Crypto’s Biggest DOJ Win Ever Came the Same Day Coinbase Got Its Charter

President Donald Trump announced Bondi’s removal on April 2, naming Blanche as acting head of the Department of Justice (DOJ). The president took to Truth Social and brought this to light. It should be noted that Blanche previously served as Trump’s defense lawyer and was appointed deputy attorney general after Trump returned to office.

The cryptocurrency sector is quite aware of Blanche. In April 2025, he authored a memo titled “Ending Regulation by Prosecution.” This shut down the DOJ’s National Cryptocurrency Enforcement Team. Along with this, it directed prosecutors away from pursuing regulatory-style cases against crypto firms. This shift marked a clear break from the Biden-era approach.

In addition, this decision lured in scrutiny. Financial disclosures showed Blanche held between $159,000 and $485,000 in crypto-related assets when he signed the memo. This included Bitcoin (BTC), Ethereum (ETH), Solana (SOL), Cardano (ADA), and Coinbase stock. Six Democratic senators raised conflict of interest concerns, and the Campaign Legal Center filed a complaint with the DOJ’s inspector general. The department confirmed that the matter had been reviewed and cleared.

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What Coinbase’s OCC Approval Means

In other news, Coinbase said it received conditional approval from the Office of the Comptroller of the Currency (OCC) to establish Coinbase National Trust Company. The charter would allow Coinbase to operate as a federally regulated crypto custodian. But it does not permit deposit-taking or lending. Final approval depends on a pre-opening examination.

Coinbase already holds assets for over 80% of US-listed crypto ETFs. It manages about $245.7 billion for institutions. A federal trust charter would formalize this role and allow it to expand into services like tokenized assets and trade settlement.

Blanche’s tenure may be temporary. Reports point to Lee Zeldin as a leading candidate for a permanent appointment. The DOJ’s current direction on crypto enforcement, combined with Coinbase’s regulatory progress, shows a notable shift in how the industry could be treated.

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