CoinVoice has recently learned that, according to Cointelegraph, the American Bankers Association, along with several banks and credit union groups, sent a letter to the Office of the Comptroller of the Currency (OCC) on July 18, requesting a postponement of the approval for bank charter applications from crypto companies including Circle and Ripple. The letter pointed out that the national trust bank model proposed by these crypto companies 'fundamentally deviates' from the traditional policy framework, and that the related business plans lack sufficient transparency for public assessment.
The banking group emphasizes that digital asset custody should not be regarded as traditional trust business, and if regulation is relaxed, it may lead to issues such as unfair capital requirements. In addition, Caitlin Long, founder of crypto bank Custodia, stated that this matter could trigger legal lawsuits and expressed concerns that traditional banks might seek to circumvent regulatory obligations by using trust licenses in the future. [Original link]
