According to BeInCrypto, the Independent Community Bankers of America (ICBA) filed a federal lawsuit in Washington, D.C., on October 2 alleging that the Office of the Comptroller of the Currency lacks authority to issue national trust charters to non-fiduciary cryptocurrency firms. The complaint specifically questions the OCC’s power to designate such entities as national trust banks. The suit names Comptroller Jonathan Gould in his official capacity.
The legal action centers on the OCC’s recent actions related to granting national trust charters to crypto-related businesses that do not meet traditional fiduciary standards for banking institutions. ICBA represents a group of independent community banks and seeks clarification on regulatory boundaries regarding chartering authority for firms operating in the cryptocurrency sector.
