Major banking groups in the United States have stepped in to halt the bank licensing process for digital asset companies. They sent a letter to the Office of the Comptroller of the Currency (OCC), urging an immediate postponement of bank license applications from key cryptocurrency companies such as Ripple (XRP), Circle (USDC), and Fidelity Digital Assets. The background involves concerns about the opacity of their business models and regulatory risks.
Financial industry groups, including the American Bankers Association, pointed out that the digital asset companies' applications did not provide sufficient information about their banking operational structures and custodial functions. They argued that "the companies' plans could be significantly different from the custodial activities performed by national trust banks, and a policy and legal review is primarily required".
In particular, it was emphasized that if the OCC grants these companies bank licenses, it could create uncertainty in the financial system as regulatory standards could be changed without additional review or public opinion gathering. Given that the OCC's judgment could become a benchmark for similar cases in the future, a more cautious approach is necessary. The letter is interpreted as a request to ensure transparency and fairness in the OCC's official policy change procedures.
Industry experts analyzed that this movement could be a potential turning point in cryptocurrency companies' entry into the institutional framework. Although some 'payment stablecoin' related bills have recently passed in the US Congress, increasing institutional trust in cryptocurrency companies, traditional financial institutions continue to show sensitivity to supervisory gaps and systemic risks.
Logan Payne, a cryptocurrency specialist lawyer at Winston & Strong, stated, "Cryptocurrency companies that receive nationwide bank licenses can provide universal financial services without separate permits in each state," and "This authority has the potential to transform market structures, making the OCC's decision a significant turning point for the industry".
Meanwhile, recently passed bills like the GENIUS Act are expected to encourage more cryptocurrency companies to apply for bank licenses. As the institutional support for digital payment assets is strengthened, the expansion of cryptocurrency companies' institutional touchpoints is potentially expected to accelerate. However, this banking group's resistance clearly reveals the institutional tension during the transition process, and the market's attention is focused on the OCC's future decision direction.
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