Community Bankers Sue OCC Over Crypto Firms’ National Trust Charters
The Independent Community Bankers of America (ICBA) has sued the Office of the Comptroller of the Currency (OCC). The October 2 criticism alleges the OCC lacks the facility to constitution non-fiduciary crypto corporations as nationwide belief banks.
The lawsuit was filed in federal courtroom in Washington, D.C. It additionally names Comptroller Jonathan Gould in his official capability. It asks the courtroom to strike down the 2026 rule and 2021 steerage behind the OCC’s crypto constitution approvals.
What ICBA Wants the Court to Undo
The complaint targets three OCC actions. They embody the March 2026 last rule, Interpretive Letter 1176 from January 2021, and Protego’s conditional approval. Protego acquired that approval in February 2026.
According to the submitting, Gould authored the 2021 letter because the OCC’s senior deputy comptroller and chief counsel.
ICBA says the OCC misinterpret a 1978 modification to the National Bank Act. That studying, it argues, lets the OCC constitution belief banks that neither take deposits nor act as fiduciaries.
The group additionally cites the key questions doctrine, saying such broad energy wants clear approval from Congress. It calls the rule arbitrary and capricious as nicely, noting the OCC gave commenters solely a two-page response.
The 2021 letter, ICBA provides, skipped the general public discover and remark course of that federal regulation requires.
ICBA needs the rule, the letter, and Protego’s approval vacated. It asks the courtroom to bar the OCC from utilizing both coverage to grant or conditionally approve any constitution.
The Crypto Firms Already Holding OCC Approvals
The criticism says the OCC has authorized or conditionally authorized 21 belief banks below the Trump administration. At least 13 are crypto firms, although the submitting names solely Protego.
OCC choices and firm bulletins present which digital asset corporations have received approvals since December 2025.
- December 2025 introduced conditional approvals for Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Circle received last approval in July.
- February 2026 added conditional approvals for Stripe-owned Bridge, Crypto.com, and Protego.
- Coinbase adopted on April 2, and Nomura’s digital asset arm Laser Digital on May 29.
- World Liberty Trust Company, backed by the Trump household, acquired conditional approval in August.
- Agora, Catena Labs, and Bastion received conditional approvals on September 18.
ICBA President and CEO Rebeca Romero Rainey framed the case round shopper safety.
“American customers fairly anticipate a federally chartered financial institution to hold federal protections. Digital property held at a crypto agency working below a nationwide belief constitution don’t carry these necessary safeguards,” he said.
The swimsuit additionally arrives earlier than the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act takes effect. ICBA argues that the regulation, efficient by January 18, 2027, can not remedy charters the OCC has already granted.
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The submit Community Bankers Sue OCC Over Crypto Firms’ National Trust Charters appeared first on BeInCrypto.
