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BREAKING: Wall Street giants are preparing to sue the government to stop crypto firms from acting like SHADOW BANKS.
Biggest U.S. banks like JPMorgan Chase, Goldman Sachs are considering legal action against regulators over a new rule that could allow crypto companies to operate across the country with a special federal license.
They say the change would let crypto firms offer bank like services without following the same strict rules banks must follow.
The rule change would make it easier for companies like Circle and Ripple to get a federal trust bank license. And they can hold digital assets, move money, and serve customers across all 50 U.S. states.
Banks are saying this creates a loophole where crypto companies could operate like banks without the same regulations or rules.