The Banking Turf War Begins
Wall Street’s biggest institutions are planning to go on the offensive as Trump-era regulators continue opening the banking system to crypto firms.
The big banks are done playing nice with crypto. They've been blocking key market structure legislation, and now they’re threatening to sue.
At the center of the latest fight is a simple question: who gets to be a bank?
According to a new report in The Guardian, the Bank Policy Institute (BPI) is now weighing legal action against the Office of the Comptroller of the Currency (OCC). BPI represents the country's largest banks, including JP Morgan, Goldman Sachs, and Citigroup, and their latest complaint is that the OCC has begun handing crypto and fintech firms a fast lane to national bank trust charters.
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David Christopher
David is a writer/analyst at Bankless. Prior to joining Bankless, he worked for a series of early-stage crypto startups and on grants from the Ethereum, Solana, and Urbit Foundations. He graduated from Skidmore College in New York. He currently lives in the Midwest and enjoys NFTs, but no longer participates in them.
