Coinbase, Circle Stocks Slide as Bank Group Sues OCC Over Crypto Charters

Coinbase (NASDAQ: COIN) and Circle (NYSE: CRCL) shares are under scrutiny after the Independent Community Bankers of America (ICBA) sued the Office of the Comptroller of the Currency over national trust bank charters granted to crypto companies.

The ICBA, which represents community banks with less than $10 billion in assets, argues that the OCC exceeded its statutory authority by making it easier for crypto firms to obtain federal bank charters. The group is seeking to overturn the rule and require non-fiduciary firms seeking federal banking privileges to meet standards comparable to those imposed on community banks.

The banking group previously opposed the CLARITY Act, warning that provisions affecting stablecoins could encourage customers to shift deposits away from traditional community banks.

The legal challenge comes after several major crypto companies, including Ripple, Coinbase and Circle, secured bank charters. Circle received a national trust bank charter from the OCC in July, while Coinbase obtained approval in April 2026. Both developments had already drawn opposition from traditional banking groups.

The dispute is adding another potential headwind for crypto stocks. CRCL stock has fallen below the 61.8% Fibonacci support level near $86. If selling continues, the next downside level could be around the 38.2% Fibonacci mark at $75. Its Chaikin Money Flow reading of -0.21 points to continued selling pressure, although a weakening ADX suggests the current downtrend may be losing strength. If momentum stabilizes, $80 could emerge as support.

Coinbase stock also weakened on October 2, dropping 3.32% to close at $183. The decline pushed COIN below its 50-week exponential moving average near $198, signaling bearish short-term momentum.

Further losses could put the psychological $180 support level in focus. Conversely, a rebound could allow Coinbase shares to reclaim the $198 level before potentially testing the 100-week EMA near $211.

The MACD offers a mixed signal for COIN stock. While the indicator remains negative, the MACD line is turning higher and sits above its signal line, suggesting bearish momentum may be gradually easing.