The Bank Policy Institute (BPI), a coven of 40 Wall Street glitterati including JPMorgan and Goldman Sachs, is reportedly sharpening its legal knives to stab the Office of the Comptroller of the Currency (OCC) over its enthusiastic distribution of national trust charters to crypto cowboys.
The OCC, helmed by Trump’s appointee Jonathan Gould-a man with a crypto past so colorful it could make a unicorn blush-has thrown open the vault doors to national bank trust charters for fintech and crypto firms. How avant-garde.
Why it matters:
- Banks, ever the vigilant guardians of consumer welfare (or so they claim), argue that OCC-chartered crypto firms are dodging the pesky regulations that proper banks must endure. Risks abound, they gasp, like a debutante spotting a spider at a garden party.
- A lawsuit victory might unravel approvals granted to Crypto.com and Ripple-though one wonders if they’ve already bought their champagne flutes for the victory parade.
- BPI previously sued the Fed over stress tests in 2024. Spoiler: The Fed blinked. Wall Street’s tantrums do occasionally work!
The details:
- The Guardian, ever the nosy neighbor, reports BPI is considering legal action after the OCC blithely ignored “repeated warnings from influential banking groups and state regulators” about reinterpreting federal rules. Imagine that.
- In October, BPI begged the OCC to reject applications from Circle, Ripple, and Wise. The OCC, clearly unimpressed, proceeded anyway. Rebellious!
- Crypto.com got conditional approval in February. Ripple, Circle, Paxos, and Fidelity followed suit in 2025. BitGo, bless its heart, secured full approval in December 2025.
- Trump-backed World Liberty Financial (a subsidiary with more chutzpah than a Broadway producer) applied in January to create World Liberty Trust Company, National Association. Because why not?
- Senator Elizabeth Warren, ever the party pooper, demanded the OCC delay its review. One assumes she’s drafting a second letter to Santa.
- Zerohash filed its own charter request last week. The circus just keeps adding clowns!
- The Conference of State Bank Supervisors and Independent Community Bankers of America have joined the chorus, pushing back like a debutante refusing a second cocktail.
- This legal tussle is shaping up to be a rare spectacle: Wall Street’s titans squaring off against a regulator with a crypto crush. Cue the popcorn.
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2026-03-10 14:32