ICBA Sues OCC Over Crypto Trust Bank Charters in Major Banking Regulator Challenge

The Independent Community Bankers of America (ICBA) has filed a federal lawsuit against the Office of the Comptroller of the Currency (OCC) over the regulator's approval of national trust bank charters for cryptocurrency firms.

The ICBA claims the OCC has been allowing companies to obtain national trust bank charters to conduct substantial non-fiduciary activities, which exceeds the authority Congress granted the agency.

The lawsuit targets a specific legal foundation: the OCC's March 2, 2026, final rule tied to Interpretive Letter No. 1176, asking the court to find both the rule and the letter itself unlawful.

The ICBA argues that national trust banks were originally meant for fiduciary activities, such as trust management, and not as a backdoor route into the banking system for firms seeking the credibility of a federal bank charter without the regulatory obligations that regular banks must follow.

The lawsuit specifically names the OCC's approvals of national trust bank charters for companies including Coinbase, World Liberty Financial, and Protego Holdings Corp., a digital asset custody, trading, lending, and issuance firm.