US Banking Lobby Eyes OCC Lawsuit Over Crypto Charters

The Bank Policy Institute is reportedly weighing a lawsuit against the Office of the Comptroller of the Currency, arguing that the regulator's decision to hand crypto firms national trust bank charters threatens both American consumers and the broader financial system — a claim that, coming from the lobby arm of Wall Street's biggest banks, deserves a closer look.

Why Is the Bank Policy Institute Considering Suing the OCC?

The Bank Policy Institute — the trade group representing heavyweights like Goldman Sachs, JPMorgan, and American Express — reportedly started weighing legal options after the OCC brushed aside warnings from banking groups about its reinterpretation of federal licensing rules. The Guardian reported Monday that a source familiar with the lobby's thinking confirmed the BPI had not yet reached a final decision.

The core complaint: national trust bank charters granted to crypto companies carry lighter oversight requirements than those imposed on full-service national banks. The BPI argues this creates an unlevel playing field — and, they claim, systemic risk. Call it concern for the public good, or call it incumbents guarding the gate. The framing matters.

Which Crypto Firms Got OCC Crypto Bank Charters?

The pipeline of approvals has moved fast. The OCC crypto bank charters program kicked into high gear last December when the regulator handed conditional national trust bank charter approvals to BitGo, Fidelity Digital Assets, Paxos, and Ripple. That was just the start.

In February, Crypto.com, Bridge, and Stripe all received conditional licenses. Blockchain infrastructure firm Zerohash submitted its own application on February 27. And Trump-backed World Liberty Financial applied back in January, hoping to expand the reach of its USD1 stablecoin — though a decision there is still pending.

Ripple secured its federal approval in December 2025, making it one of the first major crypto payment companies to hold a nationally chartered trust bank designation. The OCC's pace on these approvals is clearly not slowing down — which is precisely why the BPI is running out of patience for polite letters.

What Does This Mean for Crypto's Banking Future?

The BPI has form here. Back in October, it issued a formal statement demanding the OCC reject charter applications from Ripple, Circle, and others, arguing the lighter regulatory burden undermines the oversight architecture that full-service banks must live under. The OCC went ahead anyway.

The lobby group also took legal aim at the Federal Reserve in late 2024 over the central bank's stress-testing framework — a case that was eventually paused after the Fed agreed to revisit portions of the methodology. So yes, the BPI sues regulators. It's happened before.

The real story here isn't whether crypto firms deserve bank charters — it's whether the traditional banking establishment can use the courts to slow a regulatory shift that's already happening with or without them. The OCC isn't waiting for consensus. And that, more than anything else, is what has Wall Street's lobby reaching for its lawyers.