Overview
- The Bank Policy Institute, which represents dozens of major lenders, is evaluating legal options to challenge the OCC’s reinterpretation of federal charter rules for crypto and fintech firms.
- Under Comptroller Jonathan Gould, the OCC has issued multiple conditional national trust approvals, including Ripple, Circle, Paxos, BitGo and Fidelity in December, with Crypto.com gaining conditional clearance in February.
- State supervisors at the Conference of State Bank Supervisors and community banks at the Independent Community Bankers of America have urged the OCC to halt or revise approvals, citing consumer protection, competition and stability risks.
- Banking groups contend limited‑purpose trust charters bypass deposit insurance and full bank capital regimes, blurring the statutory boundary of what qualifies as a bank.
- The dispute follows 2025 federal stablecoin legislation and a growing application pipeline that includes Revolut and World Liberty Financial, with the BPI pointing to its 2024 lawsuit against the Federal Reserve as precedent.