TLDR
- BPI is reportedly weighing legal action against the OCC over crypto charters.
- OCC granted conditional trust bank approvals to BitGo, Ripple, Paxos, and Fidelity Digital Assets.
- Bank groups say crypto trust charters may carry less oversight than full-service bank charters.
- CLARITY Act delays continue as banks cite legal risk in crypto infrastructure plans.
A new dispute over crypto banking access has widened the US digital asset policy debate. The issue now links banking supervision and the stalled CLARITY Act.
According to a report by The Guardian, the Bank Policy Institute is weighing legal action against the OCC. The group argues that crypto trust bank charters could add risk to the financial system.
OCC charter decisions draw banking industry scrutiny
The reported dispute centers on national trust bank charters issued by the OCC. These charters let firms offer trust services, custody, and asset safekeeping under federal law.
In December, the OCC granted conditional approvals to BitGo, Fidelity Digital Assets, Ripple, and Paxos. More crypto firms have since sought the same route into federal banking structure.
Zerohash filed an application on February 27, according to the report. The OCC also issued conditional licenses to Crypto.com, Bridge, and Stripe in February.
World Liberty Financial, which has backing from President Donald Trump, also applied in January. The company is seeking a charter tied to broader use of its USD1 stablecoin.
The Guardian said the BPI is considering its legal options after the OCC did not follow banking group warnings. The report cited a “source familiar with the lobby’s thinking.”
Banks argue trust charters may receive lighter oversight
The Bank Policy Institute represents large US banks, including JPMorgan, Goldman Sachs, and American Express. The group has argued that trust charters should not become a separate path for crypto firms.
In October, the BPI urged the OCC to reject charter applications from Ripple and Circle. It said those approvals could allow less oversight than full-service national banks face.
That argument remains central to the current dispute. Banking groups say a different charter standard could expose the broader system to added operational and compliance risk.
The BPI has not made a final decision on legal action, according to the report. Cointelegraph also said it contacted the group for comment.
The issue comes as banks remain cautious about crypto activity. Reports say legal teams are warning boards about risk and regulatory uncertainty.
CLARITY Act delay adds pressure to the policy fight
The banking dispute is unfolding while lawmakers continue work on the CLARITY Act. The bill is part of a wider push to define crypto market structure in the United States.
Chris Giancarlo, a former chairman of the US Commodity Futures Trading Commission, said delays could hurt US banks. He said banks risk falling behind global competitors in financial innovation.
That argument has gained attention as other markets move faster on digital asset rules. US banks, by contrast, have moved carefully and have limited capital deployment into crypto infrastructure.
The OCC charter debate now adds another layer to that policy fight. It has raised questions about who should grant access to banking functions before Congress sets broader rules.
The BPI has challenged regulators before on bank oversight issues. In late 2024, it joined other groups in a lawsuit against the Federal Reserve over stress testing. That case was later paused after the Fed agreed to revisit parts of the framework.
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