Community bankers argue that crypto firms receiving national trust charters should face comparable regulatory requirements when conducting similar banking activities.
The Independent Community Bankers of America (ICBA) has sued the Office of the Comptroller of the Currency (OCC), arguing that the regulator exceeded its legal authority by granting national trust-bank charters to crypto firms.
In its federal court complaint, the banking group argues that the National Bank Act does not authorise the OCC to use national trust charters to give crypto companies access to the US banking system. The ICBA also says these firms are not subject to the same capital, liquidity, supervision and deposit…
