According to Cointelegraph, Rain has applied for a U.S. trust bank charter in the days following the Office of the Comptroller of the Currency (OCC) filing a lawsuit challenging the OCC’s authority to grant banking charters to companies offering cryptocurrency services.
The move by Rain places it among several cryptocurrency-related firms pursuing federal trust charters. At the same time, community banks have petitioned a court to invalidate the OCC rules that currently permit such charters for crypto businesses.
The OCC’s lawsuit seeks to determine whether it can continue issuing banking charters—specifically trust charters—to entities engaged in cryptocurrency activities. Community banks involved in the legal challenge argue that the OCC’s regulatory framework lacks proper authority under existing law.
No details were provided regarding the timing of Rain’s application relative to the filing date of the OCC lawsuit, nor the number of firms involved in either effort. The article notes that Rain is joining a growing number of crypto firms seeking such charters while community banks have recently asked a court to review and potentially overturn the OCC’s underlying rules.
