ICBA Sues OCC Over Digital-Asset Trust Bank Charters

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) over the regulator's decision to grant federal trust bank charters to digital-asset companies.

The ICBA argues that the OCC exceeded its legal authority by issuing National Trust Bank charters to digital-asset companies and other non-traditional financial firms, and that this could undermine regulatory parity between traditional banks and digital-asset companies.

The OCC has recently allowed several digital-asset firms, including Foris DAX, the operator of Crypto.com, Coinbase, and World Liberty Trust Company, to enter the trust banking business with National Trust Bank charters.

The ICBA claims that these approvals allow digital-asset firms to operate as federally chartered financial institutions without being subject to some of the rules that apply to conventional banks.