Community Banks Challenge OCC's Authority on Digital-Asset Charters
US community banks are challenging the Office of the Comptroller of the Currency's (OCC) authority to grant trust bank charters to digital-asset companies.
The Independent Community Bankers of America, a trade group representing US community banks, has filed a lawsuit in federal court in Washington, D.C., arguing that the OCC exceeded its legal authority by issuing National Trust Bank charters to non-traditional financial firms.
Rebeca Romero Rainey, ICBA President and CEO, stated, 'Congress did not create the National Trust charter to provide a workaround for digital-asset companies.'
The lawsuit targets the OCC's approval of several digital-asset companies, including Foris DAX, operator of Crypto.com, Coinbase, and World Liberty Trust Company.