Trump’s Pro-Crypto Regulator Faces Legal War With Big Banks
Major banks, represented by the BPI, are considering suing the OCC over its charter approvals for crypto firms.Summary
The Bank Policy Institute (BPI), which represents 40 major lenders including JPMorgan and Goldman Sachs, is contemplating a lawsuit against the Office of the Comptroller of the Currency (OCC). The conflict stems from the OCC, led by Trump appointee Jonathan Gould, easing access to national bank trust charters for various crypto and fintech firms like Crypto.com and Ripple. Banks argue that these OCC-chartered crypto firms bypass necessary supervision, increasing consumer risk. The BPI reportedly considered legal action after the regulator allegedly ignored warnings from banking groups and state regulators regarding its reinterpretation of federal licensing rules. A successful lawsuit could impact charter approvals already granted, and this legal threat signals a significant confrontation between Wall Street's largest banks and the regulator.
(Source：BeInCrypto)