Key facts
- The Crypto Council for Innovation (CCI) supports the OCC's approval of national trust charters for crypto companies.
- The Independent Community Bankers of America (ICBA) sued the OCC, alleging crypto firm charters lack sufficient safeguards.
- ICBA claims Congress did not intend national trust charters to bypass bank regulations for crypto firms.
- World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos were among the companies approved or conditionally approved by the OCC.
- Lawmakers criticized the approval of World Liberty Financial, citing its co-founders and alleged ties to UAE royal families.
The Crypto Council for Innovation (CCI) has publicly supported the Office of the Comptroller of the Currency's (OCC) decision to grant national trust charters to several cryptocurrency companies. The CCI, through its CEO Ji Hun Kim, stated that a lawsuit filed by the Independent Community Bankers of America (ICBA) is an attempt to stifle innovation and competition within the financial services sector.
The ICBA filed its lawsuit on Friday in the US District Court for the District of Columbia. The association alleges that the OCC approved bank charters for entities, including crypto firms, without adhering to the same stringent safeguards and compliance requirements that apply to traditional banks. ICBA President and CEO Rebeca Romero Rainey argued that Congress did not intend for the national trust charter to serve as a pathway for crypto firms to gain federal bank charter credibility without meeting obligations such as the Community Reinvestment Act, consolidated supervision, capital and liquidity standards, and FDIC insurance.
Among the companies that have received OCC approval or conditional approval under the Trump administration include World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos. The approval of World Liberty Financial, in particular, faced criticism from some lawmakers due to its co-founders, who are reportedly members of the Trump family, and allegations of ties to the royal families of the United Arab Emirates. The OCC's head during this period was Jonathan Gould, a Trump appointee who has served since July 2025.