ICBA Sues OCC Over Crypto Trust Bank Charters

The Office of the Comptroller of the Currency (OCC) is facing a lawsuit from the Independent Community Bankers of America (ICBA) over its approval of national trust bank charters for crypto firms.

The ICBA argues that the OCC's decision exceeds its authority under the National Bank Act and allows crypto companies to avoid certain obligations imposed on traditional banks.

The lawsuit alleges that the OCC has effectively changed its role and powers without separate approval from Congress, which it claims is a breach of the agency's authority.