In brief
- The banking lobby warned that conditional charters tied to unfinished legislation like the GENIUS Act could give crypto firms Fed access before regulators have fully defined their obligations.
- Several major crypto firms are seeking or hold OCC trust bank charters that could allow direct, regulated settlement without traditional correspondent banking layers.
- The push reflects a broader effort by banks to limit crypto’s expansion into federally regulated finance, including successful efforts to ban stablecoin yield provisions.
America’s largest banking lobby is telling the country’s top bank regulator to pump the brakes on crypto charter applications, warning that approving new digital asset firms before Congress finishes…
