Banks Urge OCC to Delay Ripple and Circle Crypto Bank License Decisions Over Transparency Concerns

On July 21, major banking and credit union associations formally petitioned the Office of the Comptroller of the Currency (OCC) to postpone rulings on bank charter applications submitted by prominent crypto firms, including Circle and Ripple. These financial institutions argue that the current submissions do not provide adequate transparency for comprehensive public evaluation. Furthermore, they emphasize that the operational frameworks of these crypto entities diverge significantly from conventional trust banking models, raising concerns about regulatory alignment and risk management. This development underscores the ongoing tension between traditional banking regulators and the evolving crypto sector, highlighting the need for clearer guidelines to bridge these institutional differences.