Summary
- The Office of the Comptroller of the Currency (OCC) said it granted federal trust bank charters to five virtual asset companies including Ripple.
- The American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) expressed concern that the charters could cause consumer confusion and regulatory arbitrage.
- The OCC said the virtual asset companies underwent the same review process as existing banks.
The Office of the Comptroller of the Currency (OCC) has granted federal trust bank charters to some virtual asset (cryptocurrency) companies, drawing pushback from the U.S. banking industry.
On the 13th (Korean time), according to crypto-focused media BeInCrypto, the American Bankers Association (ABA) and the Independent Community Bankers of America (ICBA) warned that the OCC's granting of 'federal trust bank' charters to virtual asset companies "grants bank-like status without the backing of the Federal Deposit Insurance Corporation (FDIC)" and "could create consumer confusion and instances of regulatory arbitrage."
Earlier, the OCC granted federal trust bank charters to five virtual asset companies: Ripple, Fidelity, Paxos, First National Digital Currency Bank, and BitGo. The OCC said these companies received trust bank charters after undergoing the same review process as existing banks.
Uk Jin
wook9629@bloomingbit.ioH3LLO, World! I am Uk Jin.
