Major banking trade associations are urging the Office of the Comptroller of the Currency (OCC) to address potential systemic risks associated with granting national bank charters to cryptocurrency firms that do not maintain federal deposit insurance. The banking lobby argues that allowing non-depository institutions to operate under a federal charter creates an uneven playing field and could jeopardize financial stability. They contend that firms providing bank-like services, including access to the central bank’s payment system, should be subject to the same rigorous oversight, capital requirements, and consumer protection mandates as traditional commercial banks. The groups expressed concern that without the safeguard of FDIC insurance, these specialized charters might facilitate regulatory arbitrage, potentially exposing the broader financial ecosystem to contagion risks during periods of market volatility in the digital asset sector. The push comes as regulators continue to debate the appropriate framework for integrating fintech and crypto entities into the formal banking system.
Source: Banking lobby urges OCC to address risks around crypto firm charters without deposit insurance
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