The American Bankers Association (ABA) has urged the Office of the Comptroller of the Currency (OCC) to slow down the approval process for national bank charters for digital asset companies. According to Foresight News, the ABA stated that the OCC needs to ensure that its regulatory and bankruptcy framework can address the risks posed by companies operating in the cryptocurrency and stablecoin markets.
The association emphasizes the importance of patience, primarily due to the legislative timeline of the (GENIUS Act). Although the OCC has recently linked the approval of certain chartered institutions to future compliance with the Act, full implementation may take years due to the need for coordination among five different agencies, including the Federal Reserve and the Federal Deposit Insurance Corporation (FDIC), to establish rules.