[American Bankers Association Urges Regulators to Slow Down Crypto Bank License Approvals] Odaily Planet Daily News – The American Bankers Association (ABA) stated in a comment letter to the U.S. Office of the Comptroller of the Currency (OCC) that the approval process for crypto-related bank licenses should be slowed down until the regulatory framework for stablecoins and digital asset businesses is clarified. The ABA emphasized the importance of fully understanding and implementing safety and soundness standards. Additionally, it recommended prohibiting non-bank trust companies from using the term 'bank' to avoid misleading the market. The banking organization pointed out that the OCC currently ties license approvals to compliance with the GENIUS Act, but the full implementation of this act may take several years and involves rulemaking by multiple regulatory agencies. Reportedly, crypto companies such as Circle, Ripple, BitGo, Paxos, Coinbase, and Nomura's subsidiary Laser Digital are applying for or have already obtained conditional OCC trust bank licenses. Furthermore, World Liberty Financial, which is linked to Trump, has also applied for a license covering its USD1 stablecoin. (Decrypt)