Crypto Advocacy Group Defends OCC Charters Against Bankers' Lawsuit
The Crypto Council for Innovation (CCI) has come out in support of the Office of the Comptroller of the Currency’s (OCC) decision to approve national trust charters for several crypto companies, despite legal challenges from the Independent Community Bankers of America (ICBA).
CCI CEO Ji Hun Kim described the ICBA’s lawsuit as an attempt to block innovation in financial services. The ICBA filed the legal action on Friday in the US District Court for the District of Columbia, arguing that the OCC had granted charters without adequate safeguards or compliance with standard banking requirements.
Among the companies approved or conditionally approved by the OCC under President Donald Trump’s administration are World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos. The approvals have drawn criticism, particularly regarding World Liberty Financial, co-founded by members of the Trump family, which is under investigation for alleged ties to the UAE royal families.
ICBA president and CEO Rebeca Romero Rainey stated that the national trust charter was not intended as a way for crypto firms to bypass banking regulations, including obligations under the Community Reinvestment Act, consolidated supervision, capital and liquidity standards, and FDIC insurance.