Crypto moves on as banks push back – What Brazil and Venezuela reveal
Trade groups representing traditional banks challenged the Office of the Comptroller of the Currency’s (OCC) decision to approve national trust charters for crypto firms.
At the center of the dispute are conditional approvals granted to a handful of digital asset players. This is a move the OCC insists followed the same review process applied to any bank charter.
Banking groups disagreed.
They argued the move created a gray zone. These firms resembled banks, gained federal status, yet lacked deposit insurance and full bank-level oversight.
On behalf of the American Banking Association, Rob Nichols, President and CEO, said,
“We are concerned that expanding the trust charter in this way… could blur the lines of what it means to be…
