The Independent Community Bankers of America (ICBA) has filed a lawsuit against the Office of the Comptroller of the Currency (OCC). Members of the association argue that the regulator has overstepped its authority by allowing cryptocurrency firms to obtain national trust licenses without meeting several requirements that are mandatory for traditional banks.
These licenses enable the custody of client assets and facilitate transactions, but do not permit the acceptance of standard deposits or the issuance of loans. The ICBA is calling for a reevaluation of the regulations, expressing concerns that cryptocurrency companies could gain bank-like status and trust without equivalent capital, oversight, and deposit insurance requirements.