ICBA Sues OCC Over Crypto Firm National Trust Charters

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC), arguing that the OCC lacks the power to charter non-fiduciary crypto firms as national trust banks. The complaint, filed in federal court in Washington, D.C., targets three OCC actions: the 2026 final rule, Interpretive Letter 1176 from January 2021, and Protego's conditional approval. ICBA claims that the OCC misread a 1978 amendment to the National Bank Act, allowing them to charter trust banks that neither take deposits nor act as fiduciaries.

ICBA also cites the major questions doctrine, stating that such broad power needs clear approval from Congress. The group argues that the rule is arbitrary and capricious, noting that the OCC gave commenters only a two-page response. Furthermore, ICBA claims that the 2021 letter skipped the public notice and comment process required by federal law.

The lawsuit aims to vacate the 2026 rule, the 2021 guidance, and Protego's approval. ICBA also seeks to bar the OCC from using either policy to grant or conditionally approve any charter. The complaint notes that at least 13 crypto companies have been approved or conditionally approved by the OCC since December 2025.