US community bank group sues regulator over crypto trust charters

The Independent Community Bankers of America sued the Office of the Comptroller of the Currency, accusing it of exceeding its legal authority by granting national trust-bank charters to crypto firms. The group says the charters create a regulatory loophole and put community banks at a competitive disadvantage.

• ICBA challenges national trust charters granted to crypto firms
• Lawsuit says charters preempt state consumer protection laws
• OCC has not handled an uninsured bank receivership in nearly 100 years
• ICBA previously helped block the Digital Asset Market Clarity Act in the Senate