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Major U.S. banking associations are pushing regulators to delay granting national banking charters to crypto firms like Ripple and Circle. They argue these companies don’t meet fiduciary standards and could disrupt traditional banking. The move follows recent applications from crypto firms seeking federal charters to expand their financial services.
- Banking associations argue crypto firms like Ripple and Circle don’t meet fiduciary standards required for national trust bank charters.
- Approving crypto charters could exploit regulatory loopholes, risking financial stability and increasing money laundering concerns.
- Ripple’s banking charter application has driven a 21% surge in XRP’s price, reflecting market optimism about crypto’s integration into traditional finance.
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