The American Bankers Association (ABA) has submitted a letter to the Office of the Comptroller of the Currency (OCC), urging a slowdown in the approval process for bank license applications from cryptocurrency companies. The ABA warns that approving these applications before Congress establishes a regulatory framework could pose risks to the financial system. Currently, several crypto firms, including Circle, Ripple, and Coinbase, are either applying for or already hold OCC trust bank licenses. The banking industry is concerned that this could allow crypto companies to bypass traditional banking intermediaries and directly access the Federal Reserve's payment system.