ICBA Sues OCC Over National Trust Bank Rule for Crypto Firms

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in an effort to overturn a rule that allows fintech and crypto firms to operate as national trust banks.

The OCC's national trust bank rule, finalized in February, broadens the scope of what activities can be performed by these types of institutions. The ICBA argues that this expansion is outside the authority granted to the OCC and sets a precedent for non-depository, non-fiduciary crypto businesses to operate under a lighter framework than insured banks.

The rule has already been used to approve 21 trust banks, with 13 of them tied to crypto. Companies such as Coinbase, Fidelity Digital Assets, Paxos, and Ripple-linked applicants have all received approvals under this new rule. The ICBA is seeking to vacate the rule and Interpretive Letter 1176.

The OCC has stated that it would allow a court to decide on the scope of authority behind every charter that relies on this rule. The agency spent 2026 approving crypto trust charters while on record that a court would settle their legal basis.