Community banks sue US regulator over crypto firm charters
XLF•The Independent Community Bankers of America sued the Office of the Comptroller of the Currency, arguing that its rule and guidance facilitating national trust bank charter applications by crypto firms exceed the regulator’s authority.
1. Banks challenge charters
The Independent Community Bankers of America filed suit in the U.S. District Court for the District of Columbia, seeking to have the Office of the Comptroller of the Currency revoke a rule and related guidance that make it easier for crypto firms to apply for national trust bank charters. The group argued that granting the charters gives crypto firms legitimacy without sufficient safeguards.
