The post XRP Lawyer Condemns ABA Move to Block Ripple And Circle Bank Licenses appeared on BitcoinEthereumNews.com.

John Deaton has launched a fierce response against the American Bankers Association (ABA) following its recent plea to the U.S. Office of the Comptroller of the Currency (OCC) to halt federal trust charters for crypto firms, such as Ripple and Circle.  Ripple and Circle Face Fresh Resistance From Banking Lobby In a recent X post, Deaton directly addressed policymakers, telling them to ignore what he called obstructionist efforts from the American Bankers Association. His criticism followed a formal request by the ABA and five other industry groups, including America’s Credit Unions and the National Bankers Association. They urged the OCC to delay crypto trust charter approvals until broader public scrutiny is possible. Top expert Vincent Van Code also echoed Deaton’s sentiment, labeling the move as “purely anti-competitive.” He argued that digital-first companies like Ripple and Circle are modernizing finance by reducing overhead and bureaucracy. The century is over. It is now time for the next Gen finance to replace the cabal. Nothing can stop Ripple and XRP. If democracy is real, then the voice of millions of crypto supporters should matter. Ripple had filed for a national banking license with the OCC, a move designed to integrate its stablecoin and payment services more deeply into the mainstream financial system. Similarly, Circle also applied to function as a national trust bank subject to federal regulation. Reserves for Circle’s flagship stablecoin, USDC, would be partially held by the new organisation, First National Digital Currency Bank. Banking Groups Cite Legal Gaps and Systemic Risk At the heart of the ABA’s argument is a claim that national trust bank charters should only go to firms that engage in fiduciary activities as historically required under 12 U.S.C. § 92a. According to the ABA, neither Ripple nor Circle plans to provide these traditional services. Instead, they…

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Filed under: News - @ July 23, 2025 11:31 am