Major banking and credit union associations have formally petitioned the Office of the Comptroller of the Currency (OCC) to postpone decisions regarding special-purpose bank charter applications filed by cryptocurrency firms, including prominent players like Ripple and Circle. The associations cited serious concerns about the adequacy of the applicants’ operational frameworks as the primary reason for their request.
The delay specifically targets ongoing applications from key digital asset industry participants seeking banking charters. Industry groups emphasized apprehensions that the current operational structures of these crypto firms might not yet meet regulatory expectations for traditional banking integration.
This collective appeal reflects mounting caution within conventional financial institutions about granting banking privileges to cryptocurrency entities. The OCC now faces heightened pressure to conduct comprehensive reviews of the applicants’ business models and compliance mechanisms before proceeding with any licensing determinations.