US banking groups are urging the country's banking regulator to delay approving banking licences for cryptocurrency companies until details of their plans become more public, arguing that allowing such applications would be a "fundamental departure" from existing policies.
The American Bankers Association and other industry groups for banks and credit unions wrote to the Office of the Comptroller of the Currency (OCC) on Thursday saying that its approval of cryptocurrency firms, including stablecoin issuers Circle Internet Group and Ripple Labs, to obtain national banking licenses "would raise significant policy and procedural issues." The groups argued: "There are significant policy and legal issues regarding whether the applicant's proposed business plan addresses the type of fiduciary activities performed by National Trust Bank."
Circle, Ripple and Fidelity Digital Assets are among a group of cryptocurrency companies that recently applied to the OCC for banking licences that would essentially allow them to become their own banks, settle payments faster and be regulated at the federal level, allowing them to operate in all states.
The US banking lobby has raised questions about crypto companies' applications for banking licenses
2025-07-21 06:29:59
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