Crypto Advocacy Group Supports OCC Amid Banks' Lawsuit Over Charters
The Crypto Council for Innovation (CCI) has thrown its support behind the U.S. Office of the Comptroller of the Currency (OCC) for approving several national trust charters to crypto firms. CCI criticized a lawsuit filed by the Independent Community Bankers of America (ICBA), viewing it as an effort to hinder innovation and competition within financial services. The legal dispute centers on concerns over whether crypto companies meet the regulatory standards traditionally required of banks.
Background of the Dispute and Key Positions
The Independent Community Bankers of America (ICBA) filed a lawsuit on Friday in the U.S. District Court for the District of Columbia against the Office of the Comptroller of the Currency (OCC). The suit alleges that the OCC approved national bank charters for several entities, including crypto companies, without adequate safeguards or adhering to the usual regulatory requirements imposed on banks.
ICBA President and CEO Rebeca Romero Rainey stated that Congress never intended the national trust charter to serve as a "backdoor" for crypto companies to gain federal bank charter credibility while avoiding Community Reinvestment Act obligations, consolidated supervision, capital and liquidity standards, and FDIC insurance applicable to insured depository institutions.
CCI’s Support for OCC’s Decisions
CCI CEO Ji Hun Kim described the ICBA lawsuit as a deliberate effort to resist national trust charters, payments innovation, and competition in the financial services sector.
The advocacy group defended OCC’s approvals and conditional approvals of crypto companies' national trust charters, despite criticism from some lawmakers that crypto exchanges seek to evade fundamental banking safeguards and responsibilities.
Specific Companies and Political Context
Crypto firms such as World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos have received OCC approvals or conditional approvals.
The approval granted to World Liberty sparked criticism, having occurred under the direction of OCC head Jonathan Gould, a Trump appointee serving since July 2025.
Notably, members of the Trump family co-founded World Liberty, which has come under investigation for alleged connections to royal families in the United Arab Emirates.
Why it matters
This news highlights the growing tensions between traditional banking institutions and innovative crypto firms regarding their integration into the existing regulatory framework. The OCC’s push to grant national trust charters to crypto companies faces opposition from the ICBA, which fears unequal playing fields and potential regulatory loopholes. The CCI’s support for the OCC underscores the importance of regulatory backing to foster innovation, especially in payments and financial technology sectors. This dispute may shape the future of the U.S. financial market and set significant precedents on how crypto firms can be formally recognized and regulated within the banking system.
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