US Bank Lobby Challenges Crypto Firms’ Bids for Bank Licences

Banks Urge Regulators to Delay Crypto Bank Charters

Through the past few months, as cryptocurrency regulations have been reshaped by the President Donald Trump administration, crypto firms have applied for national trust bank charters, which would expand the range of services they offer. [contact-form-7] Depending on the firm, the charters would grant the ability to settle transactions or connect directly to the Federal Reserve’s payment rails. They would let crypto firms manage assets f…

Bankers urge delay after crypto firms apply for charters

Bank lobbying groups have formally objected to the recent wave of applications by crypto companies for national trust bank charters. They argue that too little information has been made public about the firms' business models and planned products.

American Bankers Association Has Urged U.S. OCC To Delay Approving National Trust Bank Charters For Crypto Firms

US banking groups, led by the American Bankers Association and other trade associations, have urged the Office of the Comptroller of the Currency (OCC) to delay approving national trust bank charters for cryptocurrency firms like Circle, Ripple Labs, and Fidelity Digital Assets. They argue that these firms’ applications lack transparency and sufficient detail for public […] The post American Bankers Association Has Urged U.S. OCC To Delay Approv…

As Banking Lobby Protests, a Fed Rule Could Expedite Ripple's Application

Ripple’s bid for a US bank charter is facing a major pushback from a coalition of banking associations However, Fed documents contain an “emergency clause” that could allow regulators to fast-track an approval This sets up a high-stakes battle between the banking lobby’s protest and a potential regulatory override. Ripple’s quest for a national trust charter reveals intriguing details in Federal Reserve documents. Namely, under the section 12 CF…

Ripple CTO Criticizes Legacy Institutions Amid License Pushback

Ripple’s Chief Technology Officer, David Schwartz, has publicly criticized the American Bankers Association (ABA) for urging regulators to halt the approval of crypto bank licenses. Schwartz stated that legacy financial institutions would “stop progress entirely” if they had the power to do so. His comments directly responded to the ABA’s call to freeze licenses for blockchain firms such as Ripple and Circle. Ripple Targets U.S. Banking Integrat…