ICBA Sues OCC Over Crypto Firms' National Trust Charters

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC), claiming the regulator overstepped its jurisdiction when it provided national trust bank charters to cryptocurrency companies.

The ICBA argues that crypto companies receive the credibility of a bank charter in the US without complying with all regular bank requirements, including taking cash deposits or giving loans.

OCC spokesperson declined to comment on the lawsuit, but the agency views the matter as a clarification of existing powers. The OCC's final chartering rules state that it 'would neither expand nor contract' the chartering authority of the agency, allowing trust-limited national banks to perform non-traditional functions related to the activities of trust companies.

The lawsuit comes after ICBA opposed the charter application of Payward, Kraken's parent company. Senator Elizabeth Warren had raised concerns about the OCC granting at least nine national trust charters to crypto firms since December 2025, questioning whether some of their activities can be classified under the activities allowed for a trust company.