The American Bankers Association opposes Circles application to establish a national trust bank in the United States

Odaily News The American Bankers Association has written to the U.S. Office of the Comptroller of the Currency (OCC) regarding the four recent national trust bank license applications filed by stablecoin companies Circle, Fidelity Digital Assets, Protego Trust, and Ripple, opposing their applications to establish national trust banks in the United States. The American Bankers Association believes that these companies have not disclosed enough information for public comment, and also claims that these applications are a backdoor to become national banks. Therefore, it hopes that the OCC will postpone the approval process until the Hong Kong regulator releases sufficient information about the applicants expected business plan and discloses other aspects of the application for public review and stakeholder comment. (LedgerInsight)