Crypto Council Defends OCC Trust Charters After Community Bank Lawsuit

The Crypto Council for Innovation has thrown its support behind the Office of the Comptroller of the Currency’s decision to approve several crypto firms for national trust charters. CEO Ji Hun Kim said Monday that the lawsuit filed by the Independent Community Bankers of America was a clear attempt to resist national trust charters, payments innovation and competition in financial services. He added that the group remains confident in the OCC’s approach, even after the legal challenge and criticism from some lawmakers. Some of those lawmakers have accused exchanges of wanting to avoid the basic safeguards and obligations that come with being a bank.

ICBA Lawsuit Over National Trust Charters

The ICBA filed its case Friday in the US District Court for the District of Columbia. It argues the OCC approved charters without the safeguards and requirements normally applied to banks. ICBA president and CEO Rebeca Romero Rainey said Congress never meant the national trust charter to be a side door into banking for crypto firms. In her view, those firms gain the credibility of a federal charter without Community Reinvestment Act duties, consolidated supervision, capital and liquidity standards, or FDIC insurance.

Crypto Firms Approved Under Trump and the World Liberty Debate

Under President Donald Trump, the OCC has approved or conditionally approved applications from World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos. The World Liberty decision drew the most criticism. It came under OCC head Jonathan Gould, a Trump pick in the role since July 2025. Trump family members co-founded the company, which has faced probes over alleged ties to the royal families of the United Arab Emirates.