Crypto Advocacy Group Opposes Banks' Lawsuit Against OCC Over Charters
(1 hour ago) · 1 source · Summarized by CryptoBipto
A crypto advocacy group has pushed back against a lawsuit filed by banks challenging the Office of the Comptroller of the Currency's authority to grant certain charters. The lawsuit, reportedly brought by banking industry groups, argues that the OCC overstepped its authority. The advocacy group contends that the charters are lawful and important for financial innovation.
WHY IT MATTERS
Think of a bank charter like a license to operate as a bank. In the U.S., the OCC is the federal agency that can grant these licenses. Traditional banks are suing to stop the OCC from giving these licenses to newer types of financial companies, including those in the crypto space. A crypto advocacy group is fighting back, arguing these licenses should be available. For people new to crypto, this matters because if crypto companies can get bank charters, they could offer services more like traditional banks — such as holding deposits or making payments — under federal supervision. Without such charters, crypto companies often have to get separate approvals in each state, which is expensive and complicated.
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- cointelegraph.com
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