Bank group sues U.S. regulator over granting crypto trust charters
The Independent Community Bankers of America sued the Office of the Comptroller of the Currency, accusing the regulator of overstepping its legal authority.
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Summary
- The U.S. agency with the power to grant national trust bank charters, the Office of the Comptroller of the Currency, has been sued by a banking group for using that authority to bring a number of crypto firms into the banking system.
- The ICBA sued the OCC, saying the influx of digital asset trust banks aren’t being held to the same standards as traditional banks and are creating a competitive disadvantage.
