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Community bankers sue to block OCC national trust bank rule for crypto
The lawsuit seeks to overturn the OCC’s national trust bank rule and Interpretive Letter 1176, which the agency said would take effect April 1 after a February finalization.
The Independent Community Bankers of America (ICBA) sued the Office of the Comptroller of the Currency in federal court in Washington on Oct. 2, aiming to overturn the OCC’s national trust bank rule that underpins limited-purpose trust charters used by fintech and crypto firms, according to CryptoSlate.
The complaint asks the court to vacate the OCC’s national trust bank rule and Interpretive Letter 1176, arguing the agency exceeded its authority by widening limited-purpose trust charters.
ICBA said the OCC has approved or conditionally approved 21 trust banks, including 13 tied to crypto, and it pointed to multiple crypto-linked national trust applications that received approvals in December 2025 and later, including BitGo, Fidelity Digital Assets, First National Digital Currency Bank, Paxos, and Ripple-linked applicants.
The OCC finalized the national trust bank rule in February, with an effective date of April 1, and the suit references approvals for Agora, Catena and Bastion that arrived Sept. 18, along with additional later approvals linked to firms such as Bridge, Foris DAX, Coinbase, and Laser Digital.
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