ICBA Sues OCC Over Crypto Trust Charters, Targets Protego Approval

A lawsuit has been filed against the Office of the Comptroller of the Currency (OCC) by the Independent Community Bankers of America, challenging its authority to grant crypto trust charters.

The ICBA argues that the OCC's March 2026 chartering rule and its 2021 Interpretive Letter 1176 allow businesses to conduct substantial non-fiduciary activities through a national trust charter, which goes beyond what Congress authorized.

Protego's conditional approval is also being targeted in the lawsuit, with the ICBA seeking to invalidate both the OCC's chartering rule and Protego's approval. The group wants the court to consider whether the OCC had legal authority to grant the approval under this framework.