A lobbying group for some of the largest banks that do business in the United States may be heading to court over crypto's growing access to the U.S. banking system. The Guardian first reported the news, citing a source familiar with the lobby's thinking.
The Bank Policy Institute (BPI) — whose members include Bank of American, Citi, Goldman Sachs, Wells Fargo, Santander, and HSBC, among many others — is considering filing a lawsuit against the Office of the Comptroller of the Currency (OCC) over the regulator's move to grant national trust bank charters to crypto and fintech firms. The BPI has not yet decided whether to proceed with legal action, per The Guardian.
At the heart of the dispute is a question of competitive fairness. Banks argue the OCC's move grants federal approval to bank-like activities without the same supervision, controls, and safeguards required of traditional banks.
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