U.S. banks sent a letter to the OCC requesting to halt the issuance of bank licenses to crypto companies
Banking groups have officially appealed to the Office of the Comptroller of the Currency (OCC) in the U.S. to suspend the review of applications from crypto companies for bank licenses.
In the letter, signed by the American Bankers Association, as well as several associations of banks and credit unions, it is emphasized that granting national bank status to companies like #Circle , #Ripple Labs, and Fidelity Digital Assets could represent a "significant departure from existing OCC policy."
Furthermore, critics point out that granting such licenses would pave the way for the emergence of new "banks" that could offer payment services without adhering to traditional banking norms, which, according to them, "poses a systemic risk" to the U.S. banking system.