U.S. banking groups worry about crypto firms’ applications for bank licenses

A group of U.S. banks and credit unions have raised concerns about crypto firms' applications for bank licenses, Cointelegraph reported. These groups have sent a letter to the Office of the Comptroller of the Currency (OCC), arguing that granting bank licenses to stablecoin issuers such as Circle and Ripple Labs could provoke "significant policy and process concerns." They pointed to relevant policy and legal issues, and required more details about the public portions of those applications. Earlier, financial services companies such as Ripple Labs, Circle and BitGo had applied for national bank charters.