US Banking Lobby Opposes Expedited Crypto Bank Licenses

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Major US banking associations have called on the Office of the Comptroller of the Currency (OCC) to delay approvals for crypto firms seeking national bank charters, arguing that the move would represent a major policy shift.

In a letter to the OCC, the American Bankers Association (ABA) and other financial trade groups expressed concerns over applications from companies like Circle, Ripple, and Fidelity Digital Assets. The groups contend that these firms’ business models may not align with traditional banking activities, raising “significant policy and legal questions.”

If approved, the charters would allow crypto firms to operate as banks, enabling faster payments and nationwide regulatory compliance. However, the banking lobby insists that further scrutiny is needed before such decisions are finalized.