According to ChainCatcher, the American Bankers Association (ABA) has submitted a letter of comment to the Office of the Comptroller of the Currency (OCC), urging a slowdown in the approval process for cryptocurrency companies' banking license applications. The ABA warned that approving these applications before Congress finalizes 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 banking licenses.
The banking industry is concerned that this would allow crypto companies to bypass traditional banking intermediaries and gain direct access to the Federal Reserve's payment system.
