PANews 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 barrier for cryptocurrency and fintech companies to obtain national banking trust licenses, enabling them to serve customers in all 50 states.

The banking sector believes 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 like Circle and Ripple. The organization has not yet made a final decision on whether to file a lawsuit.