As crypto giants such as Circle and Ripple actively apply for banking licenses, U.S. banks and credit union groups recently jointly asked the U.S. Office of the Comptroller of the Currency (OCC) to put the brakes on, arguing that crypto companies do not have the ability and experience to operate fiduciary businesses, and stressed that more information should be disclosed first, otherwise hasty approval may cause unfair competition and shake the existing financial order.
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ToggleCrypto companies want to get trust bank licenses? Traditional financial institutions express concerns
Well-known crypto companies such as stablecoin issuer Circle, Ripple , and Fidelity Digital Assets under Fidelity have recently applied to the OCC for a "National Trust Bank Charter" in an attempt to legally provide digital asset custody, asset planning and other trust services under federal supervision.
If they successfully obtain authorization, it means that they will skip state-level restrictions and be able to operate directly across the United States, with greater regulatory approval and legal stability.
( Circle wants to be a bank too? What is the purpose of the OCC's national trust bank charter ?)
However, this sudden banking trend seems to have made the traditional financial industry uneasy. The American Bankers Association (ABA), together with the Credit Union Association (America's Credit Unions), the Consumer Bankers Association (CBA), the Independent Community Bankers Association (ICBA) and the National Bankers Association (NBA), jointly sent an open letter to the OCC, explicitly requesting the regulator to suspend the review of such applications:
The business model of crypto companies "lacks fiduciary duty." If it is passed rashly, it will be a fundamental deviation from the OCC's long-standing policy.
Banking groups are concerned: Crypto companies have no ability and experience and should not be held to the same standard
The banking industry first pointed out that most of the application materials of these crypto companies lack key details, are incomplete and not public, making it difficult for the public to fully understand their risks, scope of operations and regulatory impact. The biggest controversy is: " Does digital asset custody constitute a fiduciary duty? "
They stressed: "The business of crypto companies such as Circle or Ripple is mainly digital asset custody, which does not constitute fiduciary activity. They do not have the rights, obligations and experience to actively manage, invest or operate assets. "
The above-mentioned applicant companies do not have the intention or ability to engage in core trust business consistent with trust banks, and even mix business models such as custody and trading, stablecoin issuance, and interest income, which are fundamentally different from traditional trust principles and should not and are not suitable to obtain equivalent qualifications.
At the same time, the banking industry is also worried that this move may lead to a copycat effect and cause unfair competition:
If these crypto companies can obtain the same license and status as traditional trust banks without the ability to operate trust business and with low capital requirements (10%-15%) , the compliance costs and capital structure of traditional banks will face unfair competition. If other non-bank institutions follow suit, it may undermine the consistency of supervision and pose systemic risks to the financial system.
They warned that it would be a fundamental departure from long-standing OCC policy and could not be rushed into without public review.
Crypto practitioners fight back: Banks are not afraid of risks, but competition
There has also been a lot of backlash in the crypto space. Caitlin Long, founder of Custodia Bank, pointed out that the controversy is actually an anxiety about differences in capital thresholds:
Traditional banks are worried that if trust banks can provide similar services at a lower capital cost, why should traditional banks bear the capital scale requirements and high regulatory pressure?
Alexander Grieve, head of government affairs at crypto venture capital firm Paradigm, also sarcastically said : "Banks and credit unions rarely agree on anything, and it seems that they are finally feeling the competitive pressure from the crypto industry."
Financial boundaries are being redrawn: Crypto companies want a national pass approved by the OCC
Although the trust bank licenses currently approved by the OCC do not cover the deposit and lending functions of traditional banks, they allow businesses to operate at the federal level, eliminating the hassle of applying for licenses state by state and establishing a higher trust threshold for institutional investors.
If Circle can obtain the license, it will be able to manage its USDC reserves itself without the need for third-party custody, and can also expand its upstream businesses such as digital asset trusts; Ripple hopes to further bring its stablecoin RLUSD under dual supervision by the federal and state governments, and apply for a Federal Reserve master account (Master Account) to deposit reserves directly into the Fed to enhance transparency and reserve security.
Faced with increasingly stringent stablecoin regulatory bills (such as the GENIUS Act), industry players hope to obtain OCC licenses, integrate more financial businesses, and establish a reputation for compliance in the United States and around the world.
Today, financial boundaries must be clearly demarcated. Traditional banks want to maintain their past privileged barriers, while crypto companies want to gain equal access. In the coming months, the OCC will conduct public comments and internal evaluations on the above applications.
This is not only a test of the compliance capabilities of crypto companies, but also an important test of the openness and innovation of the U.S. financial system.
Risk Warning
Cryptocurrency investment carries a high degree of risk. Its price may fluctuate drastically and you may lose all your capital. Please assess the risk carefully.
Sohei Kamiya, the representative of the Japanese Sanseitō Party, who advocates "Japanese first", was successfully elected. He accepted an exclusive interview with ANN Media and talked about his political philosophy, policy priorities and future direction. As a rising star in the emerging conservative political arena, Kamiya emphasized that economic revitalization is the top priority, while promoting concepts such as national defense independence, digital currency and fiscal reform, and the reconstruction of social values. When Sohei Kamiya first entered the political arena, he was strongly recommended by former Prime Minister Shinzo Abe. After that, he wandered among several small parties, and finally established the Youtube channel ChGrandStrategy to break out of the circle and successfully won countless votes from young people. The following is a comprehensive compilation and introduction to Sohei Kamiya and the Sanseitō Party that suddenly emerged.
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ToggleThe emergence of a political party has become a new force of Japanese conservatives
The Sanseitō Party was founded in 2020. It initially focused on education reform, local autonomy and sovereignty protection, attracting conservatives and grassroots groups. The party's name means "all citizens should actively participate in politics", advocating against bureaucratic dominance and emphasizing national spirit and cultural roots.
Although it was not taken seriously by mainstream politics in the early days, as the Japanese people's dissatisfaction with the current "foreigner policy" situation accumulated, the participating political party entered the parliament for the first time in the 2022 election, and further expanded its seats in 2025, becoming a new force in Japanese politics.
According to the official website of the participating political parties , the main policy axes include:
- Educational Reform and Reconstruction of Historical Perspective
- National sovereignty and national defense independence
- Economic Independence and Active Fiscal Policy
- Traditional Culture and Protection of Family Values
Kamiya Munehito went from being a YouTuber to a member of parliament
Sohei Kamiya is a key figure in the political party. He has been running the YouTube channel "ChGrandStrategy" since 2013, covering niche issues such as historical revisionism and traditional childbearing. As of 2023, the channel has 487,000 subscribers and 3,326 videos, becoming an important source of conservative online voice.
Kamiya is good at using the Internet platform to accumulate supporters and successfully transform them into political strength. In the interview, he said that he speaks in simple and easy-to-understand language, which is a way to make people who don't care about politics willing to stop and listen.
Why does Japanese First resonate?
The Japanese priority policy includes the following:
- Prioritize tax cuts, not fund-raising and distribution
- Rebuilding Japan with winning industries
- Oppose excessive acceptance of foreigners
- Ensuring rice and food safety
- Reduce medical costs with GoTo Travel
- Oppose WHO pandemic treaty on money-making drugs
- Abolish the controlled education system that emphasizes academic achievement
- Each child is given a monthly subsidy of 100,000 yen
- Integrating philosophy into politics and making constitutions
When asked by the host why the Japanese-first appeal resonated, Kamiya said it was a backlash against excessive globalization. He pointed out that under the dominance of the globalized economy, the Japanese middle class and families have been marginalized, so the political parties' proposal to put Japanese citizens first is a call for a balanced society. He said he does not reject globalization, but advocates taking good care of one's own citizens, which is a necessary balance of values.
Economic Reform: Active Fiscal Policy and the Possibility of Crypto Assets
Kamiya emphasized that the issue that the public is most concerned about right now is "economy and income", so the participating political parties will promote low taxes and active fiscal measures. He advocated that the government should provide a childcare subsidy of 100,000 yen per child per month. Regarding Japan's fiscal problems, Kamiya responded: We should look at fiscal innovation from an international perspective. Japan's economy is large and should have the conditions to adopt innovative tools, such as the issuance of digital currencies or encrypted assets. If we continue to use the old rules, it will be difficult to implement new policies. We need a completely new approach to deal with these challenges. This concept coincides with the "sovereign digital currency" initiative proposed by Congressman Matsuda and others, showing the open-mindedness of the participating political parties on fiscal and monetary policies.
Defense Independence and Nuclear Deterrence Debate
Regarding national defense policy, Kamiya expressed a strong Japanese subjective position. He believed that Japan should review its security agreement with the United States and advocated that it was not ruled out to discuss having "some kind of deterrence". Although he did not explicitly support nuclear weapons, he said that Congress should start such discussions instead of suppressing them. He said that it was not that the US military would withdraw tomorrow, but that they must start to talk about these issues more openly.
Controversy over comments that appear to discriminate against women
During the election, Kamiya was criticized for sexism for his remarks such as "high-income women don't have children". He said on the show that he had no intention of apologizing, but was just pointing out the trend of society, but if it caused misunderstanding, he would be willing to further explain and communicate. He pointed out that if politicians completely avoid controversy, they cannot tell the truth, and sometimes they have to take risks to bring about change.
A Japanese version of Trump? Stirring up populism?
In response to the comparison between him and US President Trump, Kamiya said that he agrees with some of Trump's policy positions, especially in terms of national interests and economic priorities. In response to the populist label, he said: If it represents the voice of the people, he does not reject it. But he hopes that everyone will listen to what he says clearly instead of just labeling him.
Kamiya Munetoshi and the political party represent a new "bottom-up" political force. They use the Internet as a stage, simple language, specific policies and a strong sense of crisis to successfully attract young voters who are dissatisfied with the status quo. However, this direct style and fierce advocacy are often accompanied by controversy. Extreme rightism is on the rise around the world, and many of its supporters are young people, which deserves attention.
Risk Warning
Cryptocurrency investment carries a high degree of risk. Its price may fluctuate drastically and you may lose all your capital. Please assess the risk carefully.
