Crypto firms’ push to secure national bank status has landed in court. The Independent Community Bankers of America (ICBA) officially sued regulator Office of the Comptroller of the Currency (OCC) in the U.S. District Court for the District of Columbia on Friday, October 3, 2026.
The lawsuit targets the OCC’s moves granting crypto firms the credibility of a national bank trust charter. The ICBA argues the regulator granted digital asset entities access to the banking system without adequate protections or compliance with standard banking requirements.
Rejecting Access Without Obligations
ICBA President and CEO Rebeca Romero Rainey emphasized that Congress never intended national trust charters to serve as an alternative entryway for the crypto industry.
“Congress did not create national trust charters as a side door into the banking system for crypto firms seeking the credibility of a federal bank charter without the obligations of the Community Reinvestment Act,” Rainey said.
According to Rainey, crypto companies also bypass consolidated supervision, stringent capital and liquidity standards, and FDIC insurance, which have long served as safety nets for conventional banks.
Precedent from an Earlier Era
A trust bank charter does not permit recipient institutions to accept deposits or make loans. This functional limitation directly distinguishes it from traditional commercial bank operations.
The practice of granting crypto trust charters gained traction during the Trump administration. Under then-OCC leadership of Jonathan Gould, the banking regulator approved or conditionally approved several applications from crypto firms seeking trust charters.
Through this legal action, the ICBA is urging the court to intervene and return the OCC to the statutory banking limits established by Congress.
The OCC received a request for comment regarding the ICBA’s lawsuit, but representatives from the regulator had not responded by publication time.
For community banking stakeholders, the lawsuit will test the boundaries of integrating digital assets into conventional financial networks. The judge’s eventual ruling will determine whether crypto entities must submit to strict standard banking rules, or can enter through national trust loopholes.
Reported by Cointelegraph.
Disclaimer: This article is for informational and educational purposes only, not financial advice. Cryptocurrency assets are highly volatile and carry significant risk. Always do your own research (DYOR) and never invest more than you can afford to lose.
