ICBA calls for rejection of a certain exchange's banking license, while the exchange responds by accusing ICBA of "monopolizing regulatory power and stifling innovation"

ChainCatcher news, the Independent Community Bankers of America (ICBA) recently sent a letter to the Office of the Comptroller of the Currency (OCC), requesting the rejection of a national trust bank license application from a certain exchange's subsidiary, National Trust Co., stating that the application does not meet statutory standards and warning that approval would set a "dangerous precedent" for the U.S. banking system.

In response, the exchange's Chief Legal Officer Paul Grewal strongly stated that ICBA's actions are "blatant protectionism," attempting to monopolize regulatory channels, exclude competitors, and stifle crypto innovation. He said: "They oppose us obtaining a compliant license not because we fail to meet regulatory requirements, but because they would rather see the crypto industry excluded from the regulatory system to maintain the old financial privilege barriers."