Crypto Firms Face Banking Lobby Resistance in Bid for Licenses

Crypto companies seeking federal banking licenses are hitting roadblocks as traditional banks push regulators to slow down the approval process.

The American Bankers Association and other trade groups have urged the OCC to withhold decisions on applications from firms like Circle and Ripple, claiming the move would disrupt existing banking norms. If approved, the charters would grant crypto firms banking autonomy, faster payment processing, and nationwide regulatory clarity.

The clash highlights the growing tension between legacy finance and the crypto industry as digital asset firms push for mainstream legitimacy.