ICBA Sues OCC Over Crypto Trust Charters for Protego

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) over its decision to grant a crypto trust charter to Protego, a blockchain-based bank.

The complaint, which was filed in a federal court, targets the OCC's conditional approval of Protego's application and seeks to stop the agency from granting charters under its disputed rule and guidance.

The ICBA argues that the OCC's actions are unlawful and that the agency lacks the authority to grant charters to crypto-asset companies.

The lawsuit is the latest development in a long-standing dispute between the ICBA and the OCC over the regulation of cryptocurrencies and blockchain-based banks.