ICBA sues OCC over crypto trust bank charters

The Independent Community Bankers of America has sued the Office of the Comptroller of the Currency, arguing the regulator abused its authority by allowing cryptocurrency companies to obtain national trust bank charters, according to Crypto Briefing. The group said the move goes beyond what the National Bank Act permits and argued the OCC had effectively altered its own role without congressional approval. It also said the policy lets companies avoid obligations that apply to traditional banks.