Advocacy group pushes back on banks’ lawsuit against OCC over charters
The Crypto Council for Innovation defended the OCC’s approvals and conditional approvals of national trust charters for crypto firms, calling a lawsuit by the Independent Community Bankers of America an effort to block competition and innovation. The ICBA argues the OCC approved charters without adequate safeguards and says crypto firms should not receive federal bank credentials while avoiding obligations such as capital standards, consolidated supervision and FDIC insurance. Approved or conditionally approved applicants include World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos. World Liberty’s approval has drawn particular criticism from lawmakers, given the company’s ties to the Trump family and reported probes into alleged UAE connections.
