U.S. banking industry lobbying group urges slowing down approval of bank licenses for crypto companies

CycleProphet · 2026-02-12T05:41:16+00:00

The American Bankers Association has submitted comments to the Office of the Comptroller of the Currency, recommending a slowdown in the approval of bank licenses for cryptocurrency companies, citing concerns that the lack of regulatory framework could pose risks to the financial system. Several crypto companies are currently applying for related licenses.

CycleProphet

2026-02-12 05:41:16

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Deep Tide TechFlow News, February 12 — According to Decrypt, the American Bankers Association (ABA) submitted a comment letter to the Office of the Comptroller of the Currency (OCC), urging a slowdown in the approval process for cryptocurrency company banking licenses. The ABA warned that approving these applications before Congress completes the relevant regulatory framework could pose risks to the financial system. Currently, several crypto companies including Circle, Ripple, and Coinbase are applying for or already hold OCC trust bank licenses. Banking industry concerns include that this could allow crypto companies to bypass traditional banking intermediaries and connect directly to the Federal Reserve payment system.

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