Banks Dey Find Way Delay Crypto Bank Licenses Because Trust Charter

Big banks for US wey American Bankers Association dey lead don formally write Office of the Comptroller of the Currency (OCC) to make dem delay approval for crypto bank license dem. For letter wey dem send on July 17, dem talk say application dem from Circle, Ripple and Fidelity Digital Assets no clear well and fit cause wahala for regulatory consistency and make competition no fair. The banks warn say if dem approve crypto bank license without public check, e fit cause gbege for trust charter policy, make charter power too big pass normal duty plus e fit cause system problem. Crypto people like Custodia Bank owner Caitlin Long and Paradigm’s Alexander Grieve talk say traditional banks dey fear competition and want small capital for crypto trust charter. Long talk say this kin fighting fit cause court case and make banks go find same charter to reduce cost and regulation. If dem approve am, crypto bank license go make issuer fit waka pass state law, manage stablecoin reserve direct, and give custody for digital asset all over US under federal watch. For traders, delay for crypto bank license show say regulatory wahala still dey for digital asset custody service. Long delay fit make stablecoin issuer and custody provider suffer, e fit affect market money flow and how institutions go accept am. But the final decision from OCC go balance how financial innovation and risk management go be for US crypto market.