Stablecoin issuer Paxos attempted to clear up rumors of trouble with the U.S. Office of the Comptroller of the Currency (OCC) late Wednesday, insisting its application for a national trust bank charter remains in progress. 

"To clarify speculation: Paxos has not been asked to withdraw its application for a national trust bank charter from the OCC, nor has it been denied the charter," the company wrote on Twitter. "Paxos continues to work constructively with the OCC."

Speculation had swirled in the press and on Twitter earlier that day that Paxos and other crypto firms are staring down the barrel of a crypto banking crackdown. Fortune reported that the status of Protego's application is also uncertain.

The company received conditional approval from the OCC in April 2021, giving it the …