Following the OCC's December 2025 conditional approvals for national trust bank charters to crypto firms like Ripple and Circle—which drew sharp criticism—some of the largest US banks are now weighing legal action against the regulator for further easing rules on crypto and fintech charters. The Bank Policy Institute argues the changes could endanger consumers and the financial system amid the Trump administration's push to integrate cryptocurrencies into mainstream finance.
The Bank Policy Institute (BPI), representing 40 major US lenders including JP Morgan, Goldman Sachs, and Citigroup, is considering suing the Office of the Comptroller of the Currency (OCC). This follows the OCC's reinterpretation of federal licensing rules, simplifying access to national bank trust charters—which allow operations across all 50 states—for crypto, payment, and fintech firms.
OCC head Jonathan Gould, a Trump appointee and former crypto executive, has proceeded despite warnings from banking groups and state regulators. Banks argue that these charters to non-traditional firms bypass rigorous supervision for full banks, blurring lines and raising systemic risks.
In October 2025, ahead of the December approvals, the BPI had urged the OCC to reject applications from crypto firms Circle and Ripple, as well as payments company Wise, warning that a lighter regulatory touch for bank-like products could undermine the national banking charter. The BPI board features executives like JP Morgan's Jamie Dimon, Bank of America's Brian Moynihan, and Goldman Sachs' David Solomon.
This potential suit echoes the BPI's successful 2024 Federal Reserve challenge over stress tests. No final decision has been made, and BPI declined comment.
Opposition includes the Conference of State Bank Supervisors (all 50 states), which warned that approving crypto firms outside core banking laws harms competition, protection, and stability. The Independent Community Bankers of America (ICBA), for 5,000 smaller lenders, called it a 'significant loophole' for consumers and sector stability.
The moves align with Trump administration crypto mainstreaming, including family-linked World Liberty Financial's January charter application, under congressional scrutiny.
The OCC did not comment.
