Major American banks are considering a lawsuit against the Office of the Comptroller of the Currency (OCC) over the streamlining of procedures for obtaining national banking licenses for cryptocurrency and fintech companies. According to the banks, such changes create an uneven playing field, providing competitive advantages to non-bank players without the appropriate level of oversight.
This is reported by Finway
Position of the Banking Sector and the Nature of the Conflict
The Bank Policy Institute (BPI), representing the interests of about 40 of the largest banks in the US, including JPMorgan, Goldman Sachs, and Citigroup, is analyzing the possibility of challenging the OCC’s actions in court. The banks emphasize that the new regulatory approaches allow cryptocurrency and fintech companies to bypass the stringent requirements imposed on traditional banks, particularly regarding oversight and transparency.
The head of the OCC is Jonathan Gould, appointed by US President Donald Trump. He is known for his support of expanding the presence of fintech and cryptocurrencies in the American banking infrastructure and has professional experience in this field.
“The banking association believes that simplified regulatory regimes can blur the lines between traditional banks and non-bank organizations, increasing systemic risks and potentially undermining trust in the national banking system.”
New Licenses and Response to Regulatory Changes
The conflict has intensified amid applications from companies such as Circle, Ripple, and Wise for national banking licenses. In October 2025, the BPI had already urged the OCC to reject such applications, warning of potential risks to the country’s financial stability.
Particular attention has been drawn to the license application submitted by World Liberty Financial, which is linked to the Trump family. In January 2026, this firm applied to the OCC, prompting a sharp reaction from some American lawmakers in Congress.
According to sources, should a lawsuit be filed, it would be a rare but not unprecedented move for the banking lobby. In 2024, the BPI already initiated a lawsuit against the Federal Reserve regarding changes to bank stress testing rules, which led to a review of the regulator’s relevant policy.
Previously, US President Donald Trump supported the legislative initiative known as the CLARITY Act and expressed opposition to the banking lobby.
