ICBA Challenges OCC's Crypto Trust Charter Authority

The Independent Community Bankers of America (ICBA) has taken legal action against the Office of the Comptroller of the Currency (OCC) over its decision to grant national trust charters to crypto firms. The ICBA filed a lawsuit on October 2 in federal court in Washington, arguing that Congress did not authorize the OCC to use national trust charters as a way for crypto companies to gain federal bank status.

The trade group claims that the framework used by the OCC does not impose requirements such as capital and liquidity standards, consolidated supervision, and Federal Deposit Insurance Corp. coverage that apply to insured banks.