Bank of America Policy Research Institute plans to sue OCC, opposing cryptocurrency and fintech licensing policies

According to The Guardian, the Banking Policy Institute (BPI), representing 40 major US banks including JPMorgan, Goldman Sachs, and Citigroup, is considering suing the Office of the Superintendent of the Currency (OCC). BPI pointed out that Jonathan Gould, the OCC director appointed by Trump, is reinterpreting federal licensing rules to make it easier for cryptocurrency companies and fintech startups to obtain national bank trust licenses to operate in all 50 states of the United States. BPI believes that this may lead to these companies entering the US financial system without strict regulation, endangering consumers and financial system stability. Previously, BPI had urged OCC to reject license applications from Circle, Ripple, and payment company Wise, and World Liberty Financial, a cryptocurrency company run by the Trump family, has also applied for such licenses. CSBS and ICBA also strongly oppose OCC policies.