Bank of America lobbying group questions cryptocurrency company's application for banking license

According to a report by Golden Finance, banking groups in the United States are urging the country's banking regulatory agencies to postpone approval decisions for cryptocurrency companies' banking licenses until the details of these companies' plans are more publicly disclosed. They claim that allowing these applications would be a 'fundamental departure' from existing policies. The American Bankers Association and other industry organizations of banks and credit unions sent a letter to the Office of the Superintendent of the Currency (OCC) on Thursday, stating that its approval of cryptocurrency companies, including stablecoin issuers Circle Internet Group and Ripple Labs, to obtain national banking licenses "will raise significant policy and procedural issues." These groups argue that "there are significant policy and legal issues regarding whether the applicant's proposed business plan involves the type of entrusted activities performed by the National Trust Bank Circle, Ripple, and Fidelity Digital Assets are a group of cryptocurrency companies that have recently applied for banking licenses from OCC. Obtaining these licenses will essentially allow them to become their own banks, enabling faster settlement of payments and being regulated at the federal level, enabling them to operate in all states across the United States.