The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC), claiming that the agency has overstepped its legal authority in issuing national trust bank charters to cryptocurrency firms. The lawsuit, filed in federal court on October 2, 2026, argues that these digital asset trust banks are not subjected to the same rigorous regulatory standards as traditional banks, creating a competitive imbalance.
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ICBA President and CEO Rebeca Romero Rainey criticized the OCC for allowing crypto firms to enter the banking system without the same oversight required for community banks. She stated that the national trust charter was not intended to provide crypto companies with access to the banking system without mandatory obligations regarding capital, liquidity, supervision, and insurance from the Federal Deposit Insurance Corporation (FDIC).
The OCC has been granting trust charters to a growing number of crypto businesses, which differ significantly from community banks in terms of their operations and services. Unlike traditional banks, these firms generally do not offer cash deposit accounts that would require FDIC insurance.
In a statement, Paige Pidano Paridon, executive vice president and co-head of regulatory affairs at the Bank Policy Institute, expressed support for introducing innovative services into regulated banking but emphasized that these entities should adhere to the same regulatory standards as other chartered institutions. She noted that if these firms wish to engage in traditional banking, they should seek full-service banking charters instead of trust charters meant only for trust activities.
The push for national trust charters has been viewed by some regulators as a sign of new development in the banking sector following a period of stagnation. Among the firms that have recently acquired such charters are crypto-focused banks like Protego and Erebor, as well as established names in the crypto industry including Coinbase and Circle. The approval of a charter for World Liberty Financial, partly owned by former President Donald Trump and his family, has drawn criticism from Democratic Senator Elizabeth Warren, who alleges potential conflicts of interest and corruption.