ABA Urges OCC to Pause Charter Reviews for Ripple, Coinbase, Circle
The American Banking Association (ABA) on Thursday called on the OCC to stop processing national bank charter applications submitted by crypto companies, including Ripple, Coinbase and Circle. The ABA's letter asks for an immediate pause while broader policy and supervisory questions about crypto firms operating with bank authorities are addressed, signaling industry opposition to the expedited conversion of nonbank crypto firms into nationally chartered entities.
A halt to the OCC review would slow efforts by these firms to gain deposit-taking and payment capabilities and could delay new product rollouts that rely on bank status. For markets, the move adds another layer of regulatory uncertainty—particularly for assets tied to applicants such as XRP—and underscores the tug-of-war between traditional banking groups and crypto firms over how digital-asset services should be regulated.