Banking Industry Sues OCC Over Crypto Trust Bank Charters

The banking industry's fight over crypto access to the US financial system has escalated into federal court. The Independent Community Bankers of America (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC), challenging the OCC's trust bank rule that allows national trust banks to conduct non-fiduciary activities.

The ICBA argues that this ruling exceeds Congress's authority, given that national trust charters were designed for companies with primary fiduciary trust activities. The group wants a federal court to invalidate the 2026 trust bank rule and guidance, block their use for future charter decisions, and vacate Protego's approval.

Several crypto companies have already received OCC approvals, including Coinbase, Ripple, Paxos, BitGo, Fidelity Digital Assets, and others. The pipeline gives the litigation practical consequences: an ICBA victory could force the OCC to reassess its legal basis for reviewing trust-bank activities.