đš Ripple & Circle Blocked? U.S. Banking Giants Push Back đŠđ„
The American Bankers Association (ABA) is under fire for trying to stop Ripple and Circle from getting national trust bank charters. Their reason? They claim these crypto firms donât meet traditional fiduciary standardsâarguing crypto custody isn't the same as estate or asset management. đŹ
Critics say itâs a clear move to stall innovation. XRP supporter John Deaton called it âobstruction and sabotage,â while tech voices slammed it as anti-competitive.
Why did Ripple & Circle apply? To meet the GENIUS Act requirements, ensuring stablecoins like USDC operate under federal oversight. Ripple also aims to expand payment services and get closer to the Fed.
At the heart of it all: a battle between old banking power and new crypto vision. đïžâïž
The OCC now has a decision to makeâwill they side with tradition, or open doors to a decentralized financial future?
