American Bankers Association Highlights Lack of Transparency in OCC’s Crypto Bank Approvals

On February 11, the American Bankers Association (ABA) submitted a statement to the Office of the Comptroller of the Currency (OCC), demanding improvements in transparency and stricter review standards in the approval process for cryptocurrency banks, according to an official ABA document. The statement pointed out that recent OCC approval applications lacked sufficient public information, making it difficult to properly assess the applicants' business models and safety risks. The ABA argued that the full implementation of the 'Genius Act,' a framework for regulating stablecoins, would take several years, and that the OCC should not rush its approval decisions. The implementation of this act involves multiple agencies including the OCC, the Treasury Department, the Federal Reserve System, and the Federal Deposit Insurance Corporation...