US Banks Weigh Suing OCC over Crypto Charters

Some of the largest banks in the US, and their advocates, are considering suing the Office of the Comptroller of the Currency (OCC) over its decision to extend national trust bank charters to crypto, payments, and fintech firms, as reported by The Guardian.

The Bank Policy Institute (BPI), whose board includes JP Morgan’s Jamie Dimon and Goldman Sachs’ David Solomon, has reportedly been weighing legal action after the OCC repeatedly ignored warnings from banking groups and state regulators. At issue is the regulator’s reinterpretation of federal licensing rules, a move critics argue creates a lighter regulatory path for firms offering bank-like products. The BPI previously warned that such an approach could “blur the statutory boundary of what it means to be a bank” and “heighten systemic risk.”

The Conference of State Bank Supervisors and the Independent Community Bankers of America have echoed those concerns, warning of serious consequences for consumer protection and financial stability.