US Banking Lobby Considers Lawsuit Over OCC Crypto Charters

TheNewsCryptoОпубліковано о 2026-03-10Востаннє оновлено о 2026-03-10

Анотація

A US banking lobby group, the Bank Policy Institute (BPI), is considering legal action against the Office of the Comptroller of the Currency (OCC) for granting national trust bank charters to cryptocurrency companies like Ripple, BitGo, and Paxos. The BPI argues that these charters, which allow crypto firms to operate as trust banks and provide custody services, could pose risks to Americans and the financial system. They claim this move blurs the definition of a "bank," increases systemic risk, and undermines the credibility of national banking charters. The BPI had previously urged the OCC to reject such applications, and while no final decision on a lawsuit has been made, the group has a history of taking legal action against the agency. Similar concerns were echoed by the Independent Community Bankers of America.

A banking lobby group hailing from the US is looking to take legal action against the Office of the Comptroller of the Currency over the agency permitting national trust bank charters to crypto companies.

An unknown source close to the lobby’s thinking has informed The Guardian that the Bank Policy Institute has plans to sue the OCC for avoiding previous warnings from banking groups and state regulators and proceeding with its revisionism of federal licensing rules to permit national trust bank charters to crypto companies.

As per the group, this could probably put Americans and the financial system at stake. Under Jonathan Gould’s leadership, the OCC permitted the first batch of conditional national trust bank charter approvals to crypto companies comprising Ripple, BitGo and Paxos, among others. Since that time, various companies have demanded similar approvals.

Hanging Sword on OCC

Once permitted, the National Trust Bank charter will grant these firms the ability to function as trust banks and provide custody and asset safekeeping services. In October, the BPI stated it was requesting the OCC to decline applications from crypto companies, comprising Ripple and Circle, as it claimed that permitting such charters could lead to risk to the financial system.

It also mentions that BPI alerts that approving this route and permitting companies to pick a lighter regulatory touch while providing bank-like products could blur the statutory boundary of what it means to be a “bank”, heighten systemic risk and highlight the credibility of the national banking charter itself.

As per The Guardian, the BPI hasn’t decided yet if it plans to pursue legal action against the OCC. Although the report mentioned that the BPI was among a group of banks that had so far taken legal action against the OCC.

The Independent Community Bankers of America issued similar warnings over the OCC’s crypto charter approvals. Lately, the ICBA requested the OCC to pull or change its proposal for issuing licences to crypto companies. ‘

Highlighted Crypto News Today:

Hyperliquid (HYPE) Jumps 9%: Can the $40 Zone Be Reached and Anchor the Bull Run?

Пов'язані питання

QWhat is the main reason the US banking lobby group is considering legal action against the OCC?

AThe banking lobby group, the Bank Policy Institute (BPI), is considering legal action because the OCC is granting national trust bank charters to crypto companies, which they believe avoids previous warnings and could put Americans and the financial system at risk.

QWhich companies were among the first to receive conditional national trust bank charter approvals from the OCC?

ARipple, BitGo, and Paxos were among the first crypto companies to receive conditional national trust bank charter approvals from the OCC under Jonathan Gould's leadership.

QWhat specific concerns does the Bank Policy Institute (BPI) have about granting these charters to crypto firms?

AThe BPI is concerned that granting these charters could blur the statutory boundary of what it means to be a 'bank', heighten systemic risk, and undermine the credibility of the national banking charter itself by allowing companies to operate with a lighter regulatory touch while providing bank-like services.

QHas the Bank Policy Institute (BPI) definitively decided to sue the OCC at this time?

ANo, as per the article, the BPI hasn't yet decided if it will pursue legal action against the OCC, though it has taken such action against the agency in the past.

QWhich other banking group has issued similar warnings to the OCC regarding crypto charters?

AThe Independent Community Bankers of America (ICBA) has also issued similar warnings and recently requested the OCC to withdraw or change its proposal for issuing licenses to crypto companies.

Пов'язані матеріали

A 'Overlooked' Market Event: Joint US-Japan-South Korea Intervention, Rare US Treasury Involvement, and Bessent's Quiet 'Market Rescue'?

Summary: The United States, Japan, and South Korea executed their largest coordinated foreign exchange intervention in nearly 30 years. The action targeted depreciation pressure on the Japanese yen and South Korean won. This move is seen as a significant effort by the US to stabilize the financial markets of its key allies and prevent the spillover of risks. Key details: * Japan reportedly intervened on July 30 using approximately 8.45 trillion yen (about $52.8 billion). South Korean authorities also intervened that day, selling dollars to support the won. * Notably, the US Treasury Department intervened directly in yen markets for the first time in roughly 30 years. The New York Fed, reportedly acting on behalf of the Treasury, sold euros to buy yen via Goldman Sachs and Morgan Stanley on July 31. Analysts view the use of the euro-yen pair as a way to alleviate yen pressure without adding selling pressure to the US dollar. * Prior to the action, the New York Fed conducted "rate checks" on both USD/JPY and EUR/JPY, a newer signaling tool that falls between verbal and physical intervention. The intervention is interpreted as going beyond traditional currency stabilization. Analysts, such as Michael Hartnett of Bank of America, suggest it resembles a "Price Keeping Operation" for the AI era. The core US objectives are perceived to be: 1. Preventing rapid yen depreciation from triggering a sharp rise in Japanese government bond yields. 2. Containing financial stress from spreading across Asian markets like South Korea and Japan. 3. Reducing the risk of disorderly capital flows impacting the US bond market. This coordinated action underscores the importance of Japan and South Korea as critical partners in the US semiconductor and AI supply chain. Stabilizing their financial markets is seen as vital to mitigating risks to the broader tech industry and the US market itself. The intervention coincides with market pressures, including the KOSDAQ index hitting a low since October 2022. While seen as a move to control volatility, some analysts caution it may not fundamentally reverse existing market trends.

marsbit4 хв тому

A 'Overlooked' Market Event: Joint US-Japan-South Korea Intervention, Rare US Treasury Involvement, and Bessent's Quiet 'Market Rescue'?

marsbit4 хв тому

Will the Federal Reserve Definitely Raise Interest Rates in September? How Will Cryptocurrencies and US Stocks Bear the Pressure?

In early August 2024, market expectations for a September Federal Reserve rate hike surged dramatically, from below 50% to over 80%, driven by renewed inflation concerns. This shift followed a contentious July FOMC meeting where a 9-3 vote to hold rates revealed a growing hawkish faction advocating for an immediate hike, citing prolonged above-target inflation. The key catalyst is escalating conflict near the Strait of Hormuz, which has pushed oil prices up approximately 20% in July, threatening to reignite inflation. The next critical data point is the July CPI report on August 12th; a hot reading could solidify hike expectations. For crypto assets, particularly Bitcoin, this represents near-term pressure. Bitcoin continues to exhibit high-beta, risk-on characteristics, making it sensitive to tightening liquidity and higher opportunity costs. However, historical precedent suggests that if a hike is perceived as the cycle's end rather than its start, the negative impact may be brief, with markets quickly pivoting to anticipate future rate cuts. U.S. stocks, especially crypto-linked equities like Coinbase and high-valuation tech stocks, face amplified volatility. Higher rates increase discount rates in valuation models, pressuring growth stocks. This coincides with a pivotal tech earnings season where investor focus has shifted from massive AI capital expenditures to demonstrable revenue and cash flow generation. Companies with negative cash flows and weak growth narratives could see severe pressure if a September hike materializes, as financing costs would rise. Key indicators to watch include oil prices, upcoming inflation data, and Fed commentary at events like the Jackson Hole symposium.

Odaily星球日报4 хв тому

Will the Federal Reserve Definitely Raise Interest Rates in September? How Will Cryptocurrencies and US Stocks Bear the Pressure?

Odaily星球日报4 хв тому

How Likely is it for TradeXYZ to Go Solo from Hyperliquid?

The article analyzes the possibility of TradeXYZ, a dominant project on Hyperliquid's HIP-3 real-world asset (RWA) perpetual contracts market, splitting off to build its own independent trading platform. With TradeXYZ commanding over 90% of HIP-3 volume and over 35% of Hyperliquid's total open interest, its leverage and influence are significant. The primary motive for a split is seen as capturing the underlying protocol fees, of which TradeXYZ currently receives only half. However, several factors strongly discourage such a move. First, replicating Hyperliquid's high-performance infrastructure would be challenging and could degrade TradeXYZ's product quality. Second, Hyperliquid serves as a crucial distribution channel, with most users accessing TradeXYZ's liquidity through its frontend. Third, the close, trusting relationship between the founders of both projects makes a hostile "betrayal" unlikely. The conclusion is that a split would likely result in a lose-lose scenario. Hyperliquid would lose its main growth narrative and see its valuation impacted, while TradeXYZ would face immense technical hurdles, lose its primary user channel, and damage its reputation. Instead of a full separation, the more probable path is for TradeXYZ to negotiate better terms while deepening integration, focusing on enhancing its own brand and user ownership.

marsbit54 хв тому

How Likely is it for TradeXYZ to Go Solo from Hyperliquid?

marsbit54 хв тому

"Teletubbies" Robot Cleaning Service, $30/Hour, Pure·Manual·Intelligence

Anthropomorphic "Teletubby" robot offers cleaning services in San Francisco at $30/hour, but it's entirely remote-controlled. The robot, created by startup Tau Robotics, can perform household tasks like washing hands, mopping floors, and taking out trash. While the initial demo videos appear impressive and are notably shown at normal speed (unlike many sped-up robot demos), the company reveals the actions are performed via human teleoperation, not autonomous AI. Tau Robotics, founded in 2024, argues this "cheat" is a strategic way to bridge the current capability gap, ensure task completion, and collect real-world home data to eventually train autonomous systems. Their service features three robot models: Chelsea for kitchens/bathrooms, Elon for regular tidying with memory, and Tony for deep cleaning. Priced at $30 per hour, it's cheaper than average human cleaners in the US. The article discusses the broader challenge of deploying humanoid robots in homes, comparing Tau's approach to others like China's Ziliang and the US's 1X Neo, which also use teleoperation. A key reason for choosing a humanoid form is to make remote control more intuitive for human operators. The piece also notes the potential "emotional value" of having a humanoid servant. The service is currently invite-only in San Francisco.

marsbit1 год тому

"Teletubbies" Robot Cleaning Service, $30/Hour, Pure·Manual·Intelligence

marsbit1 год тому

From South Korea to the United States: Blue-Collar Jobs Are Becoming Increasingly Popular, Thanks to AI

AI is reshaping the labor market's value proposition. The traditional four-year college degree is losing its appeal as a guaranteed career path, while skilled blue-collar trades like electricians, welders, and plumbers are experiencing historic demand and wage premiums. This shift is driven by dual pressures: AI's displacement of certain white-collar roles and a booming need for physical infrastructure and data center construction. Data confirms the trend. In the U.S., vocational school revenue surged, and a significant portion of recent layoffs are AI-related. Surveys show a majority of Gen Z adults plan to pursue blue-collar work, citing better job security against AI automation. Vocational education interest has exploded recently. Experts cite a psychological shift as younger generations seek tangible, AI-resistant careers and avoid high student debt. In many cases, salaries for skilled trades now match or exceed those requiring a bachelor's degree. In South Korea, semiconductor vocational high schools boast near-total employment, with graduates securing high-paying roles at companies like Samsung. The shortage is structural, exacerbated by a retiring baby boomer workforce and massive infrastructure projects. Companies like JPMorgan Chase, Meta, and Lowe's are investing heavily in training programs. However, overcoming historical stigma and a "perception gap" around trade careers remains a key challenge to closing the talent gap.

marsbit1 год тому

From South Korea to the United States: Blue-Collar Jobs Are Becoming Increasingly Popular, Thanks to AI

marsbit1 год тому

Торгівля

Спот