TechFlow News, May 26: According to Decrypt, on May 26, the Digital Chamber sent a letter to Jonathan Gould, Comptroller of the Currency at the U.S. Office of the Comptroller of the Currency (OCC), urging him to uphold the OCC’s decision to grant national trust bank charters to cryptocurrency firms including Coinbase, Ripple, and Circle. Previously, Senator Elizabeth Warren alleged that the approval of these charters violated the National Bank Act and posed a threat to the safety of the U.S. banking system.
The Digital Chamber countered that Congress has effectively authorized the OCC to extend bank charters to stablecoin-related activities through the GENIUS Act, and that the approved companies do not accept FDIC-insured deposits—thus, they do not engage in traditional banking activities.
