According to a report by The Guardian citing anonymous sources, one of the largest lobbying organizations in the United States — the Bank Policy Institute (BPI) — is considering legal action against the OCC.
When approached by the British newspaper, BPI representatives declined to provide an official comment. However, a person familiar with the matter confirmed that such an initiative is indeed under discussion.
The conflict stems from recent changes to licensing rules proposed by the regulator. The banking association argues that under current OCC head Jonathan Gould, it has become significantly easier for crypto companies to obtain banking licenses.
Traditional financial institutions view this as unfair. According to the source, banks are required to comply with much stricter supervisory standards than crypto firms following these reforms. In the view of the banking lobby, this could create risks for the stability of the financial system.
Back in October, BPI tried to influence the review of banking license applications filed by crypto companies Ripple Labs and Circle. In December, the OCC granted them preliminary approvals.
Uncertainty around the Clarity Act
The standoff between the banking sector and the crypto industry in the United States has been going on for a long time. For several months, Congress has been locked in a dispute that is blocking the adoption of the crypto bill known as the Clarity Act.
The key issue remains yields on stablecoins. Banking representatives insist that companies offering interest on deposits should be required to obtain full banking licenses.
Crypto companies oppose these demands. They accuse major banks, including JPMorgan, of trying to restrict competition in the market.
Attempts to reach a compromise have so far failed. This has frustrated U.S. President Donald Trump, who recently sharply criticized the banking industry.
However, the president now appears to be focused on the upcoming midterm elections. In a recent statement, he said he would not sign any new laws until the so-called Save America Act is passed.
This bill, proposed by Republicans, would tighten U.S. election laws. In particular, citizens would be required to prove their citizenship in order to vote, and mail-in voting would be significantly restricted.
Supporters of the bill argue that such measures would help prevent election fraud. Critics say the new rules could make it more difficult for many citizens to participate in elections - FORECK.INFO
Conclusion
The situation highlights the growing conflict between the traditional banking sector and the crypto industry in the United States. If the banking lobby does move forward with a lawsuit against the OCC, it could lead to new regulatory restrictions for crypto companies. In the coming months, the battle over licensing and legislation is likely to become one of the key factors shaping the development of the U.S. crypto market.
