The Blockchain Association has responded to recent correspondence from the Bank Policy Institute (BPI) to the Office of the Comptroller of the Currency (OCC) concerning national trust charters. In a statement, Summer Mersinger, CEO of the Blockchain Association, criticized BPI's stance.
“It’s disappointing that the Bank Policy Institute predictably continues to resist competition and innovation in financial services. Rather than defending the status quo, it’s time to drain the regulatory moat that protects traditional finance from new entrants. Blockchain Association applauds these applicants that are pursuing oversight through the OCC trust charter process. Ultimately, it’s not BPI’s role to determine who merits a national trust charter – that responsibility lies with the OCC. We appreciate the agency’s careful, merit-based evaluation of each application, free from political or industry pressure,” said Mersinger.
The statement follows ongoing discussions about how new financial technology firms seek national trust charters through established regulatory processes at the OCC.
