The American Bankers Association (ABA) has submitted a comment letter to the Office of the Comptroller of the Currency (OCC) urging a slowdown in the approval process for banking licenses for crypto companies. ABA warns 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. (Decrypt)