Crypto Law Roundup: Lawsuits, Sanctions, and Regulatory Shifts

The past week has seen significant developments in the world of crypto law, with several key events and announcements that have implications for businesses operating in the space.

One major development is the lawsuit filed by the Independent Community Bankers of America against the Office of the Comptroller of the Currency (OCC) in federal court in Washington, D.C. The ICBA is challenging the OCC's March 2026 National Bank Chartering rule, which permits national trust banks to charter cryptocurrency companies. The ICBA argues that the OCC exceeded its authority in allowing these charters and is seeking to have the rule set aside.

Another significant development is the U.S. Treasury's announcement of coordinated action against the A7 Network, which it describes as a sanctions-evasion network connected to Russia and used by Iran. The Treasury has designated the network as a significant transnational criminal organization and has proposed restrictions on funds transfers involving its sub-agents.

The Senate Permanent Subcommittee on Investigations has also released a report criticizing Tether's controls and calling on the Treasury and Justice Department to investigate potential violations. Tether has responded by stating that it has cooperated with authorities and frozen approximately $550 million in Iran-linked assets.

In Europe, the European Securities and Markets Authority (ESMA) has published recommendations for the review of the Markets in Crypto-Assets (MiCA) framework. The ESMA proposes stronger supervisory powers, tighter marketing standards, and clearer treatment of non-compliant stablecoins.