BanksCommunity Bankers Sue OCC Over Crypto Firms' National Trust Charters

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 complaint alleges the OCC lacks the power to charter non-fiduciary crypto firms as national trust banks.

The lawsuit was filed in federal court in Washington, D.C. It also names Comptroller Jonathan Gould in his official capacity. It asks the court to strike down the 2026 rule and 2021 guidance behind the OCC’s crypto charter approvals.

What ICBA Wants the Court to Undo

The complaint targets three OCC actions. They include the March 2026 final rule, Interpretive Letter 1176 from January 2021, and Protego’s conditional approval. Protego received that approval in February 2026.

According to the filing, Gould authored the 2021 letter as the OCC’s senior deputy comptroller and chief counsel.

ICBA says the OCC misread a 1978 amendment to the National Bank Act. That reading, it argues, lets the OCC charter trust banks that neither take deposits nor act as fiduciaries.

The group also cites the major questions doctrine, saying such broad power needs clear approval from Congress. It calls the rule arbitrary and capricious as well, noting the OCC gave commenters only a two-page response.

The 2021 letter, ICBA adds, skipped the public notice and comment process that federal law requires.

ICBA wants the rule, the letter, and Protego’s approval vacated. It asks the court to bar the OCC from using either policy to grant or conditionally approve any charter.

The Crypto Firms Already Holding OCC Approvals

The complaint says the OCC has approved or conditionally approved 21 trust banks under the Trump administration. At least 13 are crypto companies, though the filing names only Protego.

OCC decisions and company announcements show which digital asset firms have won approvals since December 2025.

  • December 2025 brought conditional approvals for Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Circle won final approval in July.
  • February 2026 added conditional approvals for Stripe-owned Bridge, Crypto.com, and Protego.
  • Coinbase followed on April 2, and Nomura’s digital asset arm Laser Digital on May 29.
  • World Liberty Trust Company, backed by the Trump family, received conditional approval in August.
  • Agora, Catena Labs, and Bastion won conditional approvals on September 18.

ICBA President and CEO Rebeca Romero Rainey framed the case around consumer protection.

“American consumers reasonably expect a federally chartered bank to carry federal protections. Digital assets held at a crypto firm operating under a national trust charter do not carry those important safeguards,” he said.

The suit also arrives before the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act takes effect. ICBA argues that the law, effective by January 18, 2027, cannot cure charters the OCC has already granted.

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