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Large us banks declare war new: For example,
Large us banks declare war:
Banks and Stablecoins : No competition! The traditional banking sector has never been very fan of cryptocurrencies. Meanwhile, And even less stablecoins that come to walk on its bedbags by offering a digital version of the dollar. Nevertheless. However, This is the reason why the US banking lobby has just asked the Office of the Comptroller of the Currency (OCC) to suspend requests for banking licenses filed by Crypto companies such as Circle. Similarly, Ripple. Therefore, Explanations.
- The American banking lobby asked. Therefore, the Office of the Comptroller of the Currency to suspend the banking license requests from Crypto companies like Circle. Furthermore, Ripple.
- Stablecoins. Therefore. Moreover, as a digital version of the dollar, worried traditional banks that see it large us banks declare war new as threatening competition and potential risk for the American banking system.
Banks want to block banking licenses for Crypto companies – Large us banks declare war – Large us banks declare war new
War between banks. However, cryptocurrencies Is it declared? Therefore, In any case. Consequently. the American banking lobby does not seem determined to let the requests for banking licenses filed by crypto companies like Circle or Ripple.
In a letter addressed to theOffice of the Comptroller of the Currency (OC). For example. the organization responsible for supervising national banks, American Bankers Association and other pressure groups claim that these requests ” raise important concerns about policy and processes ”.
Clearly. banks believe that crypto companies do not respect the same rules as they. that they should not be able to obtain a banking license large us banks declare war new as easily.
A group shot of the banking lobby against Crypto ambitions
American banks do not just want to brake the boom in cryptos, they intend to supervise it in their own way. Indeed. the letter. co -signed by five powerful banking lobbies (ABA, America’s Credit Unions, CBA, ICBA, NBA), addressed to the Office of the Comptroller of the Currency (OCS), they officially ask The immediate freezing of national banking charter requests deposited by crypto companies as Ripple, Circle ou Fidelity Digital Assets.
Their grievances? A blatant lack of transparency. According to these institutions. the applications are large us banks declare war too vague, imprecise, and prevent the public large us banks declare war new from understanding its concrete implications. The associations denounce in particular:
- Wave business plans that are content with generic mentions on the “digital asset guard”.
- One for lack of clear engagement in traditional fiduciary activitiesyet at the heart of the status of ” national trust bank« .
- An attempt to divert conventional banking rules using the Trust charter as a Trojan horse.
In watermark. it is a fundamental question that arises: Can a crypto company become a “bank” without offering expected fiduciary services? For signatories, the answer is no. They believe that such a decision would amount to in depth changing the Occ policy in depth. without public debate or clear legal framework.
The letter therefore calls for a regulatory break. the time to Revalle these requests in a more transparent. democratic frameworkemphasizing the systemic large us banks declare war risk that the large us banks declare war new recognition of these entities would make it possible as national trust banks.
Stablecoins shade banks
But why are banks so worried? The answer is in one word: stablecoins. With the recent vote of the Genius Act. a law that supervises the issue of stablecoins in the United States. the issuers of these tokens have every interest in asking for a banking license to be able to operate nationally without the need to obtain authorizations in each state.
And this is precisely what disturbs traditional banks, which see this new competition with a bad eye. According to them. stablecoins are not financial products like the others. their use could present “a material risk for the American banking and financial system”.
The showdown between banks and cryptocurrencies is just beginning. On the one hand. Crypto companies want to take advantage of the large us banks declare large us banks declare war new war advantages of a banking license to. develop their activities. On the other, traditional banks try to slow down this evolution by brandishing the spectrum of regulation. Who will have the last word? The future will tell us.
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