US banking lobby group urges slowdown in approval of banking licenses for crypto companies
ChainCatcher reported that the American Bankers Association (ABA) has submitted a comment letter to the Office of the Comptroller of the Currency (OCC), urging a slowdown in the approval process for bank charter applications from cryptocurrency companies. The ABA warned that approving these applications before Congress completes the relevant regulatory framework could pose risks to the financial system. Currently, several crypto companies, including Circle, Ripple, and an exchange, are applying for or already hold OCC trust bank charters.
The banking industry is concerned that this would allow crypto companies to bypass the traditional banking intermediaries and gain direct access to the Federal Reserve payment system.
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