Bank Policy Institute plans to sue OCC, opposing crypto and fintech licensing policies

According to The Guardian, the Bank Policy Institute (BPI), which represents 40 major U.S. banks including JPMorgan, Goldman Sachs, and Citibank, is considering suing the Office of the Comptroller of the Currency (OCC). BPI points out that Jonathan Gould, the OCC director appointed by Trump, is reinterpreting federal licensing rules to make it easier for crypto companies and fintech startups to obtain national bank trust charters, thereby allowing them to operate across all 50 states. BPI believes this could allow these companies to enter the U.S. financial system without strict regulation, endangering consumers and the stability of the financial system. Previously, BPI had urged the OCC to reject license applications from Circle, Ripple, and payment company Wise. The Trump family-run crypto business World Liberty Financial has also applied for such a license. CSBS and ICBA have also strongly opposed the OCC's policy.