Major US Banks Consider Legal Challenge to OCC Over Crypto Trust Bank Charters

Several of the largest U.S. banks are considering suing the Office of the Comptroller of the Currency over new rules that ease access for crypto and fintech firms to obtain national trust bank charters, the Bank Policy Institute said. The Institute, whose members include JPMorgan, Goldman Sachs and Citigroup, contends the OCC's policy allows crypto companies to provide banklike services without being subject to the regulatory oversight traditional banks face. The changes, led by OCC chief Jonathan Gould and aligned with the Trump administration's efforts to integrate crypto firms into the U.S. financial system, are viewed by bank lobbyists as potentially blurring the definition of a bank and raising systemic risk.