The American Bankers Association considers suing the OCC over its relaxed crypto bank licensing requirements

2026-03-10 02:26:41

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Odaily Planet Daily reports that the industry association Bank Policy Institute (BPI), representing 40 major banks including JP Morgan, Goldman Sachs, and Citigroup, is considering filing a lawsuit against the U.S. Office of the Comptroller of the Currency (OCC). BPI believes that OCC’s measures to make it easier for cryptocurrency and fintech companies to obtain national bank trust licenses could threaten the stability of American consumers and the financial system. BPI states that allowing these companies to provide banking-like services without the same level of regulation blurs the legal boundaries of “banks” and increases systemic risk. Previously, BPI has asked the OCC to reject license applications from Circle and Ripple. Additionally, World Liberty Financial, a crypto business operated by the Trump family, has also applied for the license. Currently, the Conference of State Bank Supervisors (CSBS) and the Independent Community Bankers of America (ICBA) have both opposed the policy, arguing it could weaken competition and undermine financial stability.

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