Industry Move: Banks Push for Pause on Crypto Charters
The American Bankers Association (ABA) has sent a letter to the Office of the Comptroller of the Currency (OCC), urging regulators to slow down the approval process for bank charters sought by cryptocurrency firms.
In its filing, the ABA warns that granting such approvals before Congress finalizes a regulatory framework for crypto assets could pose risks to the broader financial system.
Major Crypto Firms Seeking Banking Rights
Several leading digital asset companies, including Circle, Ripple, and Coinbase, are either applying for or have already received trust bank charters from the OCC.
These charters could enable them to bypass traditional financial intermediaries and gain direct access to Federal Reserve payment systems, a move that traditional banks fear could disrupt existing financial structures.
- Circle focuses on stablecoins and payment infrastructure
- Ripple develops cross-border payment solutions
- Coinbase is primarily known as a crypto exchange platform
Experts say the integration of crypto firms into the banking system remains a complex and controversial issue.