US community banks challenge OCC rules for crypto firms

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A US community banking group has taken the Office of the Comptroller of the Currency (OCC) to court over its approach to crypto firms seeking national trust bank charters.

The Independent Community Bankers of America filed a lawsuit in the District of Columbia, arguing that the OCC went beyond its legal authority by easing the path for crypto companies to obtain federal charters.

The group is asking the court to overturn the relevant rule and guidance. It said crypto firms operating under national trust charters should face the same standards as other federally chartered banks.

ICBA President and CEO Rebecca Romero Rainey also warned that digital assets held by crypto firms with national trust charters would not receive the same federal protections associated with traditional banks.