Rain seeks US trust bank charter days after OCC sued over crypto charters
Rain applied to the OCC to establish Rain National Trust Bank in New York. If approved, it could provide institutional custody of digital assets and dollars, manage reserves for permitted stablecoin issuers, and issue and redeem dollar-backed stablecoins under the GENIUS Act. Former Square Financial Services CFO Brandon Soto is its proposed CEO. The filing comes amid a broader charter push, including an application by Modern Treasury. Community banking group ICBA has sued the OCC, arguing its rules let crypto trust banks conduct risky activities under lighter requirements and may mislead consumers about deposit insurance. It seeks to overturn the rules and block approvals based on them; the Crypto Council for Innovation criticized the lawsuit.
