The large banking industry group BPI is considering suing the OCC to oppose granting national licenses to cryptocurrency and fintech companies.

Techub News reports, according to The Guardian, the Bank Policy Institute (BPI), representing 40 major U.S. banks including JPMorgan Chase, Goldman Sachs, and Citigroup, is evaluating a lawsuit against the Office of the Comptroller of the Currency (OCC). BPI criticizes OCC Acting Comptroller Jonathan Gould, appointed by Trump, for reinterpreting federal licensing rules to make it easier for crypto companies and fintech startups to obtain a "national bank trust charter," thereby bypassing state-level regulation to operate in all 50 states. The organization believes this move could allow these companies into the financial system without stringent oversight, threatening consumer protection and systemic stability. BPI urged the OCC in October last year to reject charter applications from Circle, Ripple, and payment company Wise. Additionally, the Trump family-linked crypto enterprise World Liberty Financial applied for such a charter in January this year. Currently, the Conference of State Bank Supervisors (CSBS), representing regulators from all 50 states, and the Independent Community Bankers of America (ICBA), representing 5,000 small banks, also strongly oppose this policy direction of the OCC.