ICBA Files Lawsuit Against OCC Over Crypto Trust Charters

The ongoing tension between the banking sector and cryptocurrency has escalated into a legal battle. On October 2, 2026, the Independent Community Bankers of America (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for the District of Columbia. The suit targets an OCC rule that permits companies engaged in non-fiduciary work, including digital asset activities, to obtain national trust bank charters.

The rule in question, finalized by the OCC on March 2, 2026, broadens the eligibility for national trust bank charters to include entities involved in non-fiduciary custody arrangements. The ICBA argues that this move exceeds the authority granted by the National Bank Act, asserting that the OCC has effectively redefined its role without congressional approval.

Central to the ICBA's complaint is the concern that the new charters allow firms to bypass obligations that traditional banks must adhere to, such as the Community Reinvestment Act (CRA) and FDIC insurance. ICBA President and CEO Rebeca Romero Rainey emphasized that the national trust charter was not intended to serve as a loophole for digital asset companies, which often lack the consumer protections associated with conventional banks.

This lawsuit is part of a broader opposition from the ICBA, which has contested various charter applications from crypto firms since at least 2025, including those from Coinbase National Trust and Ripple. The outcome of this legal challenge could significantly impact digital asset companies seeking federal charters, as it raises questions about the regulatory framework governing their operations.

As the OCC prepares to defend its rule, the industry will be closely monitoring the court's response, any requests to pause the rule, and the potential involvement of other banking groups or crypto firms in the case. The fate of pending charter applications from digital asset companies may also hinge on the interpretation of the National Bank Act by the presiding judge.