ICBA Sues OCC Over Crypto Company Bank Charters

The Independent Community Bankers of America has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) over its recent approvals for crypto-focused firms to obtain national trust bank charters.

The OCC published a final rule in March 2026 clarifying that national banks limited to trust-company operations can also conduct related non-fiduciary activities, but the ICBA argues that Congress never intended the national trust charter to become a 'side door' for crypto companies to gain federal banking supervision without being regulated the same way.

The lawsuit asks the US District Court for the District of Columbia to declare both the OCC's final rule and the related Interpretive Letter N1176 unlawful, and argues that digital asset firms are gaining credibility and benefits from federal banking supervision while avoiding requirements such as FDIC insurance, Community Reinvestment Act obligations, and the capital and liquidity framework applicable to insured depository institutions.

The ICBA's lawsuit comes just months after several major developments for the crypto industry, including Circle receiving final approval for its own federally supervised trust bank charter and Ripple previously securing approval to establish Ripple National Trust Bank. Other crypto-focused firms, such as BitGo and Paxos, have also been involved in the OCC's recent trust-bank approval process.