ICBA Sues OCC Over Trust-Bank Rule Used by Crypto Firms

The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in federal court to overturn the OCC's trust-bank rule used by crypto firms.

The rule, finalized in February and effective April 1, allows national trust banks to engage in non-fiduciary activities related to digital assets. The ICBA argues that this expansion of authority is beyond the OCC's power.

The lawsuit specifically targets the approvals granted to Agora National Trust Bank, Catena Trust Bank, and Bastion Platforms. These banks plan to offer services such as stablecoin issuance, reserve maintenance, non-fiduciary custody, payment, and settlement services. The ICBA seeks to vacate the OCC's national trust bank rule and Interpretive Letter 1176.

The OCC has approved or conditionally approved 21 trust banks, with 13 tied to crypto firms. This includes BitGo, Fidelity Digital Assets, First National Digital Currency Bank, Paxos, and Ripple-linked applicants, which won approval in December 2025. Bridge, National Digital Trust, and Foris DAX, the parent of Crypto.com, followed in February, Coinbase in April, and Laser Digital in May.