The largest banks in the United States are preparing to file a lawsuit against the Office of the Comptroller of the Currency (OCC) due to newly introduced simplified licenses granted to cryptocurrency and fintech companies. Banks argue these rules create a dangerous “regulatory loophole” by allowing these firms to operate almost nationwide like banks but without the same stringent oversight.

Source The Guardian 

According to the banks, the new regulations risk unfair competition and increased financial system vulnerabilities since crypto and fintech firms are exempted from the regulatory requirements imposed on traditional banks. They…