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A new debate has erupted in the US regarding the integration of cryptocurrency companies into the banking system. The process of companies like Ripple (XRP) and Circle obtaining “national trust bank” status has faced opposition from the banking sector’s most powerful lobbying group.
The American Bankers Association (ABA), the largest banking trade group in the U.S., requested a postponement of the issuance of new trust bank licenses to cryptocurrency companies in a letter submitted to the Office of the Comptroller of the Currency (OCC) on February 12.
The ABA argued that no new approvals should be granted until Congress finalizes the framework for stablecoin and general digital asset regulation. The group represents giants such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley, as well as thousands of regional and local banks.
On December 12, the OCC announced that it had granted conditional approval to five national trust bank applications. Among the approved companies were Ripple and Circle, as well as BitGo, Fidelity Digital Assets, and Paxos.
If the companies meet the necessary regulatory requirements, they will join approximately 60 national trust banks currently under OCC supervision.
OCC Chairman Jonathan V. Gould stated that the inclusion of new participants in the federal banking system would increase competition and innovation, and expand consumer access to financial services.
National trust banks, unlike traditional banks, do not collect deposits or extend loans. Instead, they offer asset custody, settlement, and escrow services. This structure is seen as a suitable model, especially for crypto infrastructure and tokenized assets. For Ripple and Circle, this status means gaining federal oversight and corporate legitimacy without assuming the balance sheet risks of being a full-scale consumer bank.
The ABA, however, argued for caution. The group criticized the OCC for conditioning approvals on compliance with the GENIUS Act, noting that full implementation of the law could take years and require secondary regulation from multiple federal agencies.
The banking lobby also argued that each applicant’s regulatory obligations should be clearly defined, and that proceeding too quickly according to traditional banking schedules could be risky.
The ABA, citing the FTX and Celsius crashes of 2022, stated that the unraveling processes of new business models can have complex consequences for regulators. It also warned that non-deposit trusts using the word “bank” could mislead consumers.
*This is not investment advice.