US Banking Group Sues OCC After Wave of Crypto Trust Bank Approvals

The push to bring crypto companies deeper into the US federal banking system is facing new backlash. The Independent Community Bankers of America has sued the Office of the Comptroller of the Currency over rules allowing crypto-focused firms, such as Circle, Ripple, BitGo, and Paxos, to obtain national trust bank charters. This comes just as a few of those companies secured final approval for their own federally supervised trust bank charters and could have broader implications for the growing number of digital asset entities pursuing similar licenses. Side Door The press release shared by the ICBA says that the center of the dispute is the final rule published by the OCC in March 2026 clarifying that national banks limited to trust-company operations can also conduct related non-fiduciary activities. The regulator noted at the time that the rule neither expanded nor contracted its existing chartering authority. President and CEO Rebeca Romero Rainey said her organization strongly disagrees and argued that Congress never intended the national trust charter to become a “side door” through which crypto companies could receive the credibility of a federal bank charter while also avoid...