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American Bankers Association Opposes Circle's Application to Establish National Trust Bank in the US
Summary: The American Bankers Association has sent a letter to the Office of the Comptroller of the Currency (OCC) opposing the recent applications for national trust bank charters by stablecoin companies Circle, Fidelity Digital Assets, Protego Trust, and Ripple. The association believes that these companies have not disclosed enough information for public comment and claims that ...
The American Bankers Association has sent a letter to the Office of the Comptroller of the Currency (OCC) opposing the recent applications for national trust bank charters by stablecoin companies Circle, Fidelity Digital Assets, Protego Trust, and Ripple. The association believes that these companies have not disclosed enough information for public comment and claims that the applications are a backdoor way to become national banks. They are urging the OCC to delay the approval process until the Hong Kong regulatory agency releases sufficient information about the applicants' expected business plans and other disclosures for public review and stakeholder comments. (LedgerInsight)
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Link: American Bankers Association Opposes Circle's Application to Establish National Trust Bank in the US [Copy]
