U.S. banking industry considers suing the U.S. OCC, opposing its easing of crypto company banking license issuance

CycleProphet · 2026-03-10T02:26:20+00:00

The Policy Research Institute of a major American bank is considering suing the Office of the Comptroller of the Currency, opposing its new licensing policy for cryptocurrency and fintech companies, arguing that it threatens financial security. Banks are concerned that the new policy fails to impose the same regulations on these companies as on traditional banks.

CycleProphet

2026-03-10 02:26:20

Abstract generation in progress

Deep Tide TechFlow News, March 10 — According to The Guardian, the Bank Policy Institute (BPI), representing 40 major U.S. banks including JP Morgan, Goldman Sachs, and Citigroup, is considering suing the U.S. Office of the Comptroller of the Currency (OCC) to oppose its new licensing policies for cryptocurrencies, payments, and fintech companies.

The OCC, led by former cryptocurrency executive Jonathan Gould appointed by Trump, has relaxed the requirements for crypto and fintech firms to obtain national bank trust charters, allowing these companies to operate across all 50 states. However, banking institutions argue that these companies are not subject to the same strict regulation and oversight as traditional banks, potentially jeopardizing the safety of American consumers and the financial system.

Previously, the BPI urged the OCC to reject license applications from companies like Circle, Ripple, and Wise, warning that allowing firms to choose more lenient regulation “could blur the statutory boundaries of banking, increase systemic risk, and undermine the credibility of national bank charters.” Additionally, it was reported that Trump family’s cryptocurrency business, World Liberty Financial, also applied for such a license in January.

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