US Bank Lobby Pushes Back Against Crypto Firm Licensing

US banking groups are urging the OCC to delay granting bank licenses to crypto firms like Circle and Ripple, citing concerns over policy changes and insufficient application details, as these licenses could allow crypto companies to operate as trust banks and potentially pose systemic risks. The debate highlights ongoing tensions between traditional banking interests and the evolving crypto industry, especially with new laws encouraging stablecoin issuance under the GENIUS Act.