U.S. Bankers Association Opposes Trust Bank Applications from Crypto Firms

According to Odaily, the American Bankers Association has expressed opposition to the recent applications for national trust bank licenses submitted by Circle, Fidelity Digital Assets, Protego Trust, and Ripple. The association has sent a letter to the U.S. Office of the Comptroller of the Currency (OCC), arguing that these companies have not provided sufficient information for public commentary. They claim that the applications serve as a backdoor to becoming national banks. The association is urging the OCC to delay the approval process until Hong Kong regulators release adequate information regarding the applicants' expected business plans and other aspects of the applications, allowing for public scrutiny and stakeholder feedback.