Crypto Advocates Defend OCC Charters Against Bankers’ Lawsuit

The Crypto Council for Innovation (CCI) has defended the Office of the Comptroller of the Currency’s (OCC’s) decision to grant national trust charters to several crypto companies, calling a lawsuit against the move an attempt to block financial innovation.

CCI CEO Ji Hun Kim criticized the lawsuit filed by the Independent Community Bankers of America (ICBA), stating it was a “clear attempt to resist national trust charters, payments innovation, and competition in financial services.” The OCC’s approvals, which include conditional approvals for companies like Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos, have faced backlash from lawmakers concerned about potential regulatory evasion.

The ICBA’s legal action, filed in the US District Court for the District of Columbia, claimed that the OCC approved charters without proper safeguards or compliance with standard banking requirements. ICBA president and CEO Rebeca Romero Rainey argued that the national trust charter was not intended to serve as a “side door” for crypto firms seeking federal bank charter credibility without adhering to key banking obligations.

Among the approved applications is World Liberty Financial, a crypto company co-founded by members of the Trump family, which has faced scrutiny over alleged ties to the royal families of the United Arab Emirates. The approval came under the leadership of OCC head Jonathan Gould, a Trump appointee who has served since July 2025.