ICBA Sues OCC Over Crypto Trust Charter Rule

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in the US District Court for the District of Columbia.

The suit targets an OCC rule that allows companies to obtain national trust bank charters for non-fiduciary work, including digital asset activities.

The ICBA argues that this rule goes beyond what is allowed by the National Bank Act and lets firms with high-risk digital assets operate under lighter standards than traditional banks.

ICBA President and CEO Rebeca Romero Rainey stated that the national trust charter was never intended to be a 'side door' for digital asset companies, which often lack federal consumer protections associated with traditional banks.