ICBA Lawsuit Challenges OCC's Crypto Trust Bank Charter Authority

The Independent Community Bankers of America (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC) on October 2. The complaint argues that the OCC does not have the authority to grant national trust charters to crypto firms that do not act as fiduciaries.

The case was brought in federal court located in Washington, D.C. Comptroller Jonathan Gould is named as a defendant in his official role. The ICBA requests that the court invalidate the 2026 rule and the 2021 guidance that underpin the OCC's approval of crypto charters.

What ICBA Wants the Court to Undo

Three specific OCC actions are challenged in the complaint. These are the March 2026 final rule, Interpretive Letter 1176 from January 2021, and the conditional approval granted to Protego, which was issued in February 2026.

Gould wrote the 2021 letter while serving as the OCC's senior deputy comptroller and chief counsel, according to the complaint.

The OCC misinterpreted a 1978 amendment to the National Bank Act, ICBA contends. This interpretation, the group argues, permits the OCC to charter trust banks that do not accept deposits or serve as fiduciaries.

ICBA also invokes the major questions doctrine, asserting that such extensive authority requires explicit congressional authorization. The rule is further labeled as arbitrary and capricious, with the complaint pointing out that the OCC provided commenters with just a two-page reply.

Additionally, ICBA states that the 2021 letter bypassed the public notice-and-comment process mandated by federal law.

The organization seeks to have the rule, the letter, and Protego's approval declared void. It also requests that the court prohibit the OCC from using either policy to issue or conditionally approve any future charters.

The Crypto Firms Already Holding OCC Approvals

According to the complaint, the OCC has granted final or conditional approval to 21 trust banks during the Trump administration. Of these, at least 13 are digital asset firms, but the lawsuit specifically identifies only Protego.

Information from OCC rulings and corporate statements reveals which digital asset companies have received approvals starting from December 2025.

• In December 2025, conditional approvals were granted to Circle, Ripple, BitGo, Fidelity Digital Assets, and Paxos. Circle later secured final approval in July.
• Conditional approvals were extended in February 2026 to Stripe-owned Bridge, Crypto.com, and Protego.
• Coinbase received its approval on April 2, and Nomura's digital asset division Laser Digital followed on May 29.
• World Liberty Trust Company, which is supported by the Trump family, obtained conditional approval in August.
• Agora, Catena Labs, and Bastion were granted conditional approvals on September 18.

ICBA President and CEO Rebeca Romero Rainey characterized the lawsuit as being about consumer protection.

“American consumers reasonably expect a federally chartered bank to carry federal protections. Digital assets held at a crypto firm operating under a national trust charter do not carry those important safeguards,” said ICBA President and CEO Rebeca Romero Rainey in a statement.

The lawsuit also comes ahead of the Guiding and Establishing National Innovation for US Stablecoins (GENIUS) Act taking effect. ICBA contends that the legislation, which becomes effective on January 18, 2027, cannot remedy charters that the OCC has already issued.