Major banking associations are calling on the Office of the Comptroller of the Currency (OCC) to exercise caution and slow the approval process for cryptocurrency-native firms seeking national trust charters. In a formal communication, industry representatives expressed concerns regarding the ‘regulatory perimeter,’ arguing that granting federal charters to crypto firms without a finalized regulatory framework could pose risks to financial stability. The bankers are specifically requesting that the OCC pause new approvals until the ‘GENIUS’ rules and oversight standards are clearly defined and implemented. They argue that crypto firms currently benefit from an uneven playing field, gaining access to the federal payment system while potentially bypassing the rigorous capital, liquidity, and consumer protection requirements that traditional banks must satisfy. This move reflects a broader effort by the legacy banking sector to ensure that digital asset service providers are held to the same supervisory standards as established financial institutions before being integrated into the national banking system.
Source: Bankers push OCC to slow crypto trust charters until GENIUS rules clarified
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