In a letter to the Office of the Comptroller of the Currency (OCC), the American Bankers Association (ABA) stated that the approval process for crypto-related bank licenses should be slowed down until a clear regulatory framework for stablecoins and digital asset businesses is established. The ABA also emphasized the need to ensure that security and robustness standards are fully understood and implemented, and recommended prohibiting non-bank trust companies from using the word "bank" to avoid misleading the market. The banking organization pointed out that while the OCC currently links license approvals to compliance with the GENIUS Act, the full implementation of this act could take several years and involves rule-making by multiple regulatory agencies. It is understood that crypto companies such as Circle, Ripple, BitGo, Paxos, Coinbase, and Nomura's Laser Digital are applying for or have already obtained conditional OCC trust bank licenses. Furthermore, World Liberty Financial, associated with Trump, has also applied for a license covering its USD1 stablecoin. (Decrypt)