TechFlow News, February 12: According to a report by Decrypt, the American Bankers Association (ABA) submitted a comment letter to the Office of the Comptroller of the Currency (OCC), urging the agency to slow down its approval process for bank charter applications from cryptocurrency firms. The ABA warned that approving such applications before Congress finalizes the relevant regulatory framework could pose risks to the financial system. Several crypto companies—including Circle, Ripple, and Coinbase—are currently applying for, or already hold, OCC trust bank charters. The banking industry is concerned that this would allow crypto firms to bypass traditional banking intermediaries and gain direct access to the Federal Reserve’s payment systems.
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