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What CCI and ICBA are saying
CCI: the lawsuit would limit innovation and competition
In an October 5 report, Cointelegraph quoted CCI CEO Ji Hun Kim calling the lawsuit a “clear attempt to resist national trust charters, payments innovation, and competition in financial services.” CCI’s position is that the OCC’s charter approach can make room for new financial services providers.
Cointelegraph’s October 5, 2026 report also quoted ICBA president and CEO Rebeca Romero Rainey, who said Congress did not create the national trust charter as a “side door” into the banking system. She argued that crypto firms could gain the credibility of a federal bank charter without obligations that apply to insured depository institutions.
ICBA: the OCC exceeded its chartering authority
ICBA filed its complaint against the OCC and Comptroller of the Currency Jonathan V. Gould in the U.S. District Court for the District of Columbia. The complaint, dated October 2, 2026, invokes the Administrative Procedure Act and challenges the OCC’s National Bank Chartering rule, Interpretive Letter No. 1176, and an approval involving Protego. ICBA seeks declaratory and injunctive relief. The complaint states what ICBA alleges and asks the court to do; it does not establish that those allegations are correct.
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What the dispute is about
The central legal question is how far the OCC’s authority extends when chartering national trust banks. ICBA argues that national trust charters should cover fiduciary trust activities and related work, and that the agency went beyond its authority by approving charters for companies with substantial non-fiduciary digital-asset activities. The complaint contends that the OCC’s rule and interpretive approach conflict with the National Bank Act and the Administrative Procedure Act.
The dispute also concerns what follows from the charter. ICBA alleges that national trust banks may benefit from preemption of some state regulation without facing requirements imposed on insured depository institutions. In contrast, supporters of the OCC’s approach emphasize the potential for competition and new services. Whether the OCC acted lawfully, and what safeguards should apply, are questions contested in the litigation and broader policy debate.
- Charter authority: Does federal law allow the OCC to charter trust banks for the activities at issue?
- Type of activity: Which proposed services are fiduciary, and which are non-fiduciary?
- Safeguards: What requirements should apply to a national trust bank compared with an insured depository bank?
- Market effects: Would broader access encourage competition, weaken consumer protections, or produce both effects?
Why the OCC’s 2025 approvals matter
In December 2025, the OCC announced conditional approvals for five national trust bank charter applications: BitGo, Fidelity Digital Assets, and Paxos to convert existing state-level trust companies, and new applications from Circle and Ripple. The approvals were conditional; the announcement was not unconditional final permission to begin every proposed activity. The OCC said new entrants could benefit consumers and the banking industry while the agency retained its supervisory role. The OCC’s announcement describes those five applications.
The Protego approval discussed in ICBA’s complaint is a separate litigation-specific example. It should not be conflated with the OCC’s December 2025 announcement covering the five applications above.
Separate political criticism is not a court finding
A May 19, 2026 release from the Senate Banking Committee’s minority quoted Senator Elizabeth Warren warning that national trust companies acting like full-service national banks without equivalent obligations could pose risks to consumers and the banking system. That is Warren’s stated policy concern, not a judicial finding or an established account of consumer harm. The committee release records her position.
Independent reader supportYour contribution helps us test, update, and keep practical guides available for everyone.What is known about the case’s status
The available reporting and complaint establish that ICBA filed suit and identify the relief it seeks. They do not establish a court ruling or a current docket schedule. The court’s response and the next procedural steps therefore remain unresolved on the information reported here.
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