ICBA Challenges OCC's Crypto Trust Charter Approval

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) over its decision to grant charters for crypto trusts.

The ICBA claims that the OCC's conditional approval of Protego, a company seeking to establish a national bank in cryptocurrency form, is unlawful and seeks to stop the agency from granting similar charters under its disputed rule and guidance.

Protego had received conditional approval from the OCC in December 2022. The ICBA argues that this decision was made without proper authority and sets a bad precedent for other crypto companies seeking national bank charters.