US bank lobby challenges crypto firms’ bids for bank licences

U.S. Banking and credit union associations are requesting the Office of the Comptroller of the Currency (OCC) to postpone its decision on the bank license applications from crypto firms such as Ripple and Circle, citing significant policy and transparency concerns.

These associations argue that granting licenses to crypto firms could challenge existing banking norms and regulations, as the proposed business models lack traditional fiduciary activity, thereby potentially destabilizing the U.S. Banking system.