OCC Crypto Trust Charters Face Challenge from Community Banks
The Independent Community Bankers of America (ICBA) has filed a lawsuit against the U.S. Office of the Comptroller of the Currency (OCC) over its decision to grant national trust bank charters to cryptocurrency companies.
The ICBA argues that the OCC exceeded its authority under the National Bank Act by allowing crypto firms to obtain these charters, which do not require traditional deposits but can provide services such as digital-asset custody and payment settlement.
The lawsuit specifically challenges the OCC's March 2026 rule and Interpretive Letter No. 1176, which ICBA claims expands the authority of national banks to conduct non-fiduciary activities.
ICBA is also seeking to overturn the conditional approval of a national trust bank charter for Protego Holdings Corp., a digital-asset company.