Multiple US banking associations are opposing the granting of banking licenses to crypto custody firms, emphasizing the need for public input on this significant policy shift. This comes as the cryptocurrency sector gains traction in the US, bolstered by favorable policies from President Donald Trump. On July 17, five associations, including the American Bankers Association and the Consumer Bankers Association, submitted a joint statement to the US Office of The Comptroller of The Currency (OCC). They called for thorough scrutiny of applications from firms like National Digital TR CO and Fidelity Digital Assets, which seek national bank charters. The associations argue that there is insufficient public information regarding these applications, hindering proper scrutiny. They urge the OCC to disclose more details and extend public discussion deadlines. Additionally, they assert that custody services do not meet the fiduciary responsibilities required for a National Bank Trust Charter, warning that approving such licenses could have significant implications for the US banking landscape. Read more AI-generated news on: https://app.chaingpt.org/news