A major US banking coalition is reportedly evaluating the possibility of launching a lawsuit against the Office of the Comptroller of the Currency (OCC). The group is concerned that the issuance of bank charters to cryptocurrency firms could endanger consumers and the financial infrastructure of the country.

According to a recent report from The Guardian, which cites a source knowledgeable about the lobby’s considerations, the Bank Policy Institute (BPI) is exploring its legal options after the OCC disregarded warnings from banking institutions regarding its new interpretation of federal licensing standards.

Since December, the OCC has granted conditional national trust bank charter approvals to various cryptocurrency firms, including BitGo, Ripple, Paxos, and Crypto.com, with several more companies aiming to obtain similar approvals.

The blockchain infrastructure company Zerohash applied for its charter on February 27. The OCC also began issuing licenses to companies like Crypto.com, Bridge, and Stripe in February.

The World Liberty Financial, supported by former President Trump, sought a charter in January to bolster its USD1 stablecoin’s usage but is awaiting a decision.

BPI includes prominent US entities such as Goldman Sachs, American Express, and JPMorgan, all expressing worries that allowing crypto companies to acquire national trust bank charters could destabilize the broader financial landscape.

A national trust bank charter enables a firm to operate under US federal law as a trust bank and partake in fiduciary activities, including trust services, custody, and safeguarding assets.

As reported by The Guardian, the BPI has yet to make a definitive choice about whether to move forward with legal action against the OCC. Cointelegraph has reached out to the BPI for further comments.