Catenaa, Wednesday, February 18, 2026- The American Bankers Association urged the Office of the Comptroller of the Currency to slow approval of national bank charters for crypto firms, citing unresolved insolvency protocols and lack of finalized federal oversight.
In a comment letter Wednesday, the ABA said the OCC should confirm that supervisory and receivership frameworks can manage risks posed by digital asset and stablecoin firms before granting charters.
The association highlighted the pending GENIUS Act, noting full implementation could take years and requires coordinated rulemaking across five agencies, including the Federal Reserve and the FDIC.
The ABA also flagged potential conflicts with Securities and Exchange Commission oversight, warning that trust companies relying on statutory bank exemptions may blur the line between banking and securities regulation.
The lobby criticized the OCC’s practice of conditioning approvals on applicants agreeing to comply with the GENIUS Act, calling instead for patience until each firm’s obligations are clearly defined.
Additionally, the ABA recommended barring charter applicants focused solely on fiduciary or trust functions from using “bank” in their name unless part of a bank or holding company, citing consumer confidence risks.
The guidance comes as firms including Circle, Ripple, BitGo, Paxos, Coinbase, and Laser Digital pursue conditional OCC charters amid ongoing debates over stablecoin interest rules and crypto market structure.
