Haciyev Reşit 
As debates over the integration of cryptocurrency companies into the traditional U.S. banking system flare up once again, a recent development on Ripple’s side has negatively impacted market sentiment. The process for obtaining a “national trust bank” charter—of which Ripple, the company behind XRP, is a participant—has faced strong opposition from one of the most powerful lobbying groups in the U.S. banking sector. This status was viewed as a significant milestone that could grant crypto firms like Ripple federal-level supervision and institutional legitimacy. However, the intervention of the banking lobby has raised concerns that the process could be delayed or subjected to additional regulatory requirements. The development has reignited discussions around regulatory uncertainty and increased short-term risk perception for XRP investors.
Clear Demand from the Banking Lobby to the OCC
One of the largest U.S. banking trade groups, the American Bankers Association (ABA), submitted an official letter to the Office of the Comptroller of the Currency (OCC) on February 12, requesting a delay in granting new national trust bank licenses to crypto companies. The ABA argued that such approvals should not be rushed amid the current regulatory uncertainty. According to the group, issuing these licenses before Congress finalizes a comprehensive legal framework for stablecoins and broader digital asset regulations may be premature. The ABA represents major financial institutions such as JPMorgan Chase, Bank of America, Wells Fargo, Citigroup, Goldman Sachs, and Morgan Stanley, along with thousands of regional and local banks. Therefore, the objection is seen as reflecting a cautious stance shared across a broad segment of the U.S. banking industry.
Ripple and Circle Among Conditionally Approved Firms
In a statement released on December 12, the OCC announced that it had granted conditional approval to five national trust bank applications. These companies include:
- Ripple
- Circle
- BitGo
- Fidelity Digital Assets
- Paxos
If the companies meet the required regulatory conditions, they will be able to join the roughly 60 national trust banks operating under OCC supervision.
OCC: “Competition and Innovation Will Increase”
OCC Chairman Jonathan V. Gould stated that integrating new participants into the federal banking system would enhance competition and innovation while expanding consumers’ access to financial services. Unlike traditional banks, national trust banks do not accept deposits or issue loans. Instead, they provide custody, settlement, and fiduciary services. This structure is seen as particularly suitable for crypto infrastructure and tokenized assets.
For companies like Ripple and Circle, obtaining this status would allow them to operate under federal oversight and gain institutional legitimacy—without assuming the balance sheet risks associated with becoming a full-scale consumer bank. Especially for stablecoin and blockchain-based financial products, such a license offers a significant strategic advantage in the U.S. market.
ABA’s Criticism of the GENIUS Act
The ABA has taken a cautious approach to the process. The banking lobby criticized the OCC for linking approvals to compliance with the GENIUS Act, noting that full implementation of the legislation could take years and would require secondary regulations from multiple federal agencies. The group also emphasized the need for clear definitions of the regulatory obligations each applicant would face. Pressure from the banking lobby is seen as a development that could slow the integration of Ripple and other crypto firms into the U.S. banking system. In the short term, this uncertainty may weigh on XRP’s price, while in the long term, achieving regulatory clarity remains critically important for the sector.
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