The U.S. banking industry is considering suing the OCC in protest of the easing of bank license issuance for cryptocurrency companies
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According to The Guardian, the Bank Policy Institute (BPI), representing 40 major U.S. 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 loosening of federal licensing rule interpretations.
Under the leadership of Jonathan Gould, a former crypto executive appointed by Trump, the OCC has effectively lowered the threshold for cryptocurrency and fintech companies to obtain national bank trust charters, allowing them to serve customers in all 50 states. The banking sector believes this move enables crypto companies to enter the financial system without strict regulation, blurring the lines of "banking" and increasing systemic risk. Last year, the BPI urged the OCC to reject license applications from companies like Circle and Ripple. The organization has not yet made a final decision on whether to proceed with the lawsuit.
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