The American Bankers Association (ABA) is calling on the Office of the Comptroller of the Currency (OCC) to slow down approvals of national trust bank charters for crypto and stablecoin firms, warning that the regulatory picture remains unsettled.
In a comment letter submitted Wednesday in response to the OCC’s proposed changes to its bank chartering framework, the banking trade group argued that applications tied to digital assets should not move forward until oversight obligations under the forthcoming Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act are clearly defined.
Just released – ABA urges @USOCC to provide stronger safeguards, clearer rules for charter applicants: https://t.co/ZX5lKHlEoj pic.twitter.com/iKEor78EuO
— American Bankers Association (@ABABankers) February 11, 2026
According to the ABA, approving charters before final rules are in place could create confusion and expose the financial system to avoidable risks.
Unsettled oversight and regulatory gaps
The association cautioned that crypto-focused national trust banks, particularly uninsured entities, raise unresolved questions around safety and soundness, operational resilience and resolution planning.
Key concerns include how customer assets are segregated, how conflicts of interest are managed, and whether cybersecurity safeguards are robust enough. The ABA also warned that firms could potentially use national trust charters to sidestep oversight by the Securities and Exchange Commission (SEC) or Commodity Futures Trading Commission (CFTC) if their activities resemble securities or derivatives offerings.
The group urged the OCC to resist traditional timelines for charter approvals and instead ensure that each applicant’s full regulatory responsibilities, including those stemming from the GENIUS Act, are clearly established before approval is granted.
Concerns follow recent approvals
The ABA’s intervention comes weeks after the OCC granted conditional national trust charters to five crypto firms, including BitGo Bank & Trust, Fidelity Digital Assets, Ripple National Trust Bank, First National Digital Currency Bank and Paxos Trust Company.
Those approvals allow the companies to custody and manage digital assets under a federal framework, while remaining outside traditional deposit-taking and lending activities.
Beyond the OCC process, the banking lobby is also pushing lawmakers to address stablecoin-related concerns in pending legislation such as the Digital Asset Market Clarity (CLARITY) Act. The ABA argues that yield-bearing stablecoins and the rewards they offer comply with regulatory standards.
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