U.S. banking industry opposes OCC's approval of crypto company trust licenses: concerns over double standards and market stability

【Crypto World】The US banking industry is launching a new challenge against the Office of the Comptroller of the Currency (OCC). What is the core issue? The OCC has conditionally approved five cryptocurrency companies, including Ripple and Fidelity, to obtain national trust charters.

The American Bankers Association and the Independent Community Bankers of America see this as a major problem. The reason is straightforward: double standards. These approved crypto companies can receive federal priority but are not required to have Federal Deposit Insurance Corporation (FDIC) insurance coverage or adhere to traditional bank capital adequacy standards.

As a result, consumers may become confused—unable to distinguish who is truly protected and who is just pretending to be trustworthy while actually engaging in risky practices. Even more dangerously, the stability of the market could face hidden risks. Once any turbulence occurs, the entire system could be affected.