Top US Banks Challenge Federal Regulator Over Crypto Licensing
Major US banks, represented by the Bank Policy Institute, are considering legal action against the OCC over new licenses for crypto, payment, and fintech firms, citing concerns for consumers and the financial system.
Top US Banks Challenge Federal Regulator Over Crypto Licensing
Some of the largest financial institutions in the United States, including JP Morgan, Goldman Sachs, and Citigroup, are weighing legal action against their primary regulator, the Office of the Comptroller of the Currency (OCC). The banks, represented by the Bank Policy Institute (BPI), argue that the OCC's new licensing framework for crypto, payment, and fintech companies could put American consumers and the broader financial system at risk.
Repeated Warnings from Banking Groups and State Regulators
The BPI, which represents 40 of the biggest US lenders, has repeatedly warned the OCC about the potential consequences of its reinterpretation of federal licensing rules. The institute, along with other influential banking groups and state regulators, has urged the OCC to reconsider its actions, but the regulator has so far failed to heed these warnings.
Source: The Guardian
