ABA Urges OCC to Slow Crypto Trust Bank Approvals Amid GENIUS Act Uncertainty

[lingriiddd]

The American Bankers Association (ABA) is calling on the Office of the Comptroller of the Currency (OCC) to hold off on approving national trust bank charters for crypto and stablecoin firms until the regulatory framework under the GENIUS Act becomes clearer.

In a Wednesday comment letter, the ABA warned that digital asset-focused applicants face unsettled oversight from multiple federal and state regulators. The association raised concerns about safety, operational risk, cybersecurity, and potential conflicts of interest at uninsured crypto trust banks.

The ABA also cautioned that some national trust charters could be misused to skirt SEC or CFTC rules. It urged the OCC to ensure applicants’ full regulatory obligations are clear before advancing approvals and recommended tightening naming rules to prevent consumer confusion over the “bank” designation.

#CryptoRegulation #Stablecoins #OCC #Banking #GENIUSAct

[tradelikepro]

feels like crypto firms getting national trust status is shaking up old finance circles