Last week five US banking associations including the American Bankers Association wrote a letter to the OCC regarding four recent applications for national trust bank charters by crypto and stablecoin firms Circle, Fidelity Digital Assets, Protego Trust and Ripple. OCC applications have a public comment period, but the banking associations argue that the companies have not disclosed sufficient information for public comment. They also claim that these are backdoor applications to become national banks.
On the disclosure front, the banking associations have a point. Ledger Insights published an article last week about the Circle and Ripple applications, noting that 90% of the content was redacted. Some non-crypto bank applications are far more transparent.
Hence, the associations requested that the OCC delay the process “until such
time as the OCC has released enough information concerning the Applicants’ intended business plans, as well as other aspects of the Applications, to inform the public’s review and interested stakeholder comment, consistent with the historical transparency of the OCC’s charter application review process.”
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