Top US banks weigh suing federal regulator over crypto banking rules
Some of the largest US banks are considering suing their financial regulator, arguing that a new raft of licenses for crypto, payment and fintech could put American consumers and the wider financial system at risk.The Bank Policy Institute (BPI), which represents 40 of the biggest US lenders including JP Morgan, Goldman Sachs and Citigroup, is understood to be weighing its legal options after the Office of the Comptroller of the Currency (OCC) failed to heed repeated warnings from influential banking groups and state regulators over its reinterpretation of federal licensing rules.The OCC, which is led by Jonathan Gould, a Donald Trump appointee and former crypto executive, has effectively made it easier for crypto and fintech upstarts to secure and operate under a national bank trust charter, giving them the right to serve customers across all 50 states.However, banks say giving these firms the OCC’s stamp of approval means letting firms loose into the US financial system without the same rigorous supervision and controls required of fully fledged banks.The reforms brought forward by the OCC are widely seen as playing into the Trump administration’s ideological push to bring crypto and previously fringe financial firms into the mainstream.
Trump’s own family-run cryptocurrency business, World Liberty Financial, made headlines after applying for one of the OCC’s national trust bank charters in January.Although bank lobby groups have so far stopped short of commenting on the firm’s bid for regulatory approval, the move has sparked opposition in Congress.The BPI in October urged the OCC to reject applications by crypto and blockchain firms Circle and Ripple, as well as London-headquartered payments firm Wise, all of which lodged applications for so-called national trust charters.The BPI, which has a board that includes JP Morgan boss Jamie Dimon, Bank of America’s Brian Moynihan, and Goldman Sachs chief David Solomon, warned at the time that “allowing firms to choose a lighter regulatory touch while offering bank-like products could blur the statutory boundary of what it means to be a ‘bank,’ heighten systemic risk and undermine the credibility of the national banking charter itself”.The BPI is now considering whether to sue the OCC, according to a source familiar with the lobby group’s thinking.
It would be a rare but not unprecedented move for the industry body, which also sued the Federal Reserve in late 2024 following an uproar over changes to the central bank’s stress tests.The Fed eventually agreed to change its rules, with final proposals due later this month.The Guardian understands the BPI has not yet made a decision on whether it will pursue legal action against the OCC.The BPI declined to comment on the potential legal action.The OCC has also come up against smaller banking groups and state regulators in its pro-crypto licensing push.
The Conference of State Bank Supervisors, which represents financial regulators from all 50 states, said in a letter to the OCC last month that handing regulatory approval to crypto and payments companies that ultimately fall outside “core federal banking laws” would mean “undermining competition, consumer protection and financial stability”,Similar warnings were issued by the Independent Community Bankers of America (ICBA), representing about 5,0000 smaller lenders, which urged the OCC to pull or change its proposals for how it planned to issue licenses to crypto firms,The ICBA warned that the existing plans “would create a significant loophole in a foundation principle of bank regulation” and pose “critical public policy concerns for consumers and the stability of the financial services sector”,The OCC did not respond to requests for comment,
Leeds return from wilderness with Rhinos resurgence an asset for Super League
With the prospect of National Rugby League investment in Super League – however that may look, and with whatever level of control the Australian authorities want to overhaul the British game – now at boiling point, there has been a lot of discussion lately about what Super League does, and perhaps does not, need.That debate will rage in the coming weeks but what is surely beyond doubt is that, for the competition to be at its most appealing, it needs its strongest clubs to thrive. Underdog stories are compelling, and we have had plenty of those in the past few years; they create great sporting drama and fresh narratives for the powerbrokers to sell.But what will drive Super League forward – with or without NRL investment – is the might of its heavyweight sides. Few fit that billing quite like Leeds who, after a fairly tepid few seasons, are beginning to show they could be in a position to reclaim their spot at the summit of the British game, both on and off the field
Lewis Hamilton confident Ferrari ‘in the fight’ with Mercedes for 2026 F1 championship
Lewis Hamilton has declared he is fired-up and optimistic in his belief that Ferrari will be in the world championship fight with Mercedes after the new Formula One season opened in Australia on Sunday.The race in Melbourne was won by Mercedes’ George Russell, with his teammate Kimi Antonelli in second but Ferrari claimed third and fourth for Charles Leclerc and Hamilton. Both drivers executed superb starts to make up places to first and third respectively and for the opening 12 laps were very much in the fight with Russell at the front of the field.Ultimately they were not in the mix for the win after Mercedes took advantage of a virtual safety car to take a cheap pitstop while Ferrari chose not to do so. Nonetheless the Ferrari did show impressive pace and a reinvigorated Hamilton maintained he felt the they could yet catch the leaders
Collingwood’s cool heads rise to big AFL occasion and make point to naysayers | Jonathan Horn
St Kilda spent the summer talking up Sunday night’s opening round game, and Collingwood spent the summer being talked down. It was St Kilda’s occasion, but it was Collingwood’s game. The Saints had the hope, the hyper-inflated recruits, the best paid player in the sport and the largest home-and-away crowd they’d ever played in front of. But Collingwood had cool heads, manic pressure, a wily old fox in his 426th game and two brothers who had 77 touches between them.The Pies didn’t have the greatest of summers
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‘A wonderful journey’: Suryakumar Yadav revels in India’s T20 World Cup win
India’s captain, Suryakumar Yadav, has set his sights on an extended period of white-ball dominance after the team secured a third successive ICC men’s trophy with a one-sided victory against New Zealand in the T20 World Cup final.The country went more than a decade without winning a major trophy, but since 2024 they have banked two T20 World Cups and a Champions Trophy. “I’m very excited by the way things have gone since then,” Suryakumar said.“The drought ended after a really long time and after that we never looked back. Everything changed in 2024
India retain T20 World Cup with 96-run final win over New Zealand – as it happened
It might not have been the thriller neutrals wanted, but it was everything India desired. They became the first men’s team to defend the T20 World Cup and the first to win it at home after drowning New Zealand in a deluge of runs in Ahmedabad in front of 100,000 giddy and almost universally blue-clad supporters.New Zealand looked forlorn while conceding 255 and wretched when attempting to chase it, and after meandering through much of their innings with defeat already a certainty they were still 96 behind when it ended. They have now reached four World Cup finals of various hues since 2015 and lost them all, plus the Champions Trophy last year to boot.The player of the tournament is Sanju Samsondouble quotation markIt feels like a dream! I’m out of words, out of emotions
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