U.S. banking industry considers suing OCC to protest the easing of crypto company banking license issuance

ZkProver · 2026-03-10T02:37:41+00:00

The Bank Policy Institute is considering suing the Office of the Comptroller of the Currency (OCC) for not heeding warnings about relaxing federal licensing rules. The OCC has lowered the barriers for crypto companies to obtain bank trust licenses, and the banking industry is concerned that this move will increase systemic risk.

ZkProver

2026-03-10 02:37:41

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ChainCatcher news reports that the Bank Policy Institute (BPI), representing 40 major American banks including JPMorgan Chase, Goldman Sachs, and Citigroup, is considering suing the Office of the Comptroller of the Currency (OCC) for failing to heed multiple warnings from the banking industry regarding the interpretation of relaxed federal licensing rules.

Under the leadership of former crypto executive Jonathan Gould, appointed by Trump, the OCC has effectively lowered the barriers for cryptocurrency and fintech companies to obtain nationwide bank trust charters, allowing them to serve customers in all 50 states. The banking industry believes this move enables crypto companies to enter the financial system without strict regulation, blurring the lines of “banking” and increasing systemic risk. BPI previously urged the OCC to reject license applications from companies like Circle and Ripple last year. The organization has not yet made a final decision on whether to pursue legal action.

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