Community bankers sue OCC over crypto trust charters
Community bankers filed suit in federal court in Washington, D.C. on Oct. 2 over the OCC’s handling of crypto trust charters. The case challenges the agency’s authority under the National Bank Act and centers on how digital asset firms fit into traditional banking oversight.
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Community bankers and the OCC are now in a legal fight that will be visible to banks that compete with trust charter holders and to digital asset firms that want to operate through traditional banking structures. The immediate effect is that those firms and their banking counterparts face a court challenge over the current charter approach, rather than only an administrative policy debate.
Before this filing, the OCC’s crypto trust charter approach was operating under its existing authority. After the suit, that authority is being tested in court, while the underlying question of how digital asset firms fit into the banking system remains in place until the court address it. (per tokenpost.com)
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