The American Bankers Association opposes Circle's application to establish a national trust bank in the United States

Odaily Planet Daily News: The American Bankers Association has sent a letter to the Office of the Monetary Authority (OCC) in the United States opposing the four national trust bank license applications recently submitted by stablecoin companies Circle, Fidelity Digital Assets, Protego Trust, and Ripple to establish a national trust bank in the United States. The American Bankers Association believes that these companies have not disclosed enough information for public comment, and also claims that these applications are backdoors opened to become national banks. Therefore, it hopes that the OCC will postpone the approval process until Hong Kong regulators release sufficient information about the applicants' expected business plans and disclose other aspects of the applications for public review and stakeholder comments. （LedgerInsight）