US banks are considering suing the OCC in protest against the easing of banking licenses for crypto companies.

CoinFeed reported on March 10th, citing The Guardian, that the Banking Policy Institute (BPI), representing 40 major U.S. banks including JPMorgan Chase, Goldman Sachs, and Citigroup, is considering suing the Office of the Comptroller of the Currency (OCC) for failing to heed repeated warnings from the banking industry regarding the relaxation of federal licensing rules. Under the leadership of Jonathan Gould, a former crypto executive appointed by Trump, the OCC effectively lowered the bar for cryptocurrency and fintech companies to obtain national banking trust licenses, granting them the right to serve customers in all 50 states. The banking industry argues that this move allows crypto companies to enter the financial system without strict regulation, blurring the lines of "banking" and increasing systemic risk. Last year, the BPI urged the OCC to reject license applications from companies such as Circle and Ripple. The organization has not yet made a final decision on whether to sue.