Crypto group defends OCC charters for crypto firms

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The Crypto Council for Innovation (CCI) has defended the Office of the Comptroller of the Currency (OCC) against a lawsuit challenging national trust charters for crypto firms.

CCI CEO Ji Hun Kim said the case brought by the Independent Community Bankers of America (ICBA) sought to limit competition and financial innovation.

The ICBA argues that the OCC approved crypto firms for national trust charters without the safeguards and requirements applied to traditional banks, including capital, liquidity and consolidated supervision.