The Independent Community Bankers of America sued the Office of the Comptroller of the Currency on October 2, 2026, asking a federal court to strike down the rule the agency has used to grant national trust bank charters to crypto firms. The ICBA lawsuit against the OCC trust charter rule was filed in the U.S. District Court for the District of Columbia under the Administrative Procedure Act, according to the trade group’s announcement and the complaint it published.

The defendants are the OCC and Comptroller Jonathan V. Gould in his official capacity. The OCC’s response to the complaint has not yet been published.

What the suit targets

The complaint challenges two documents. The first is the OCC’s National Bank Chartering final rule, published March 2, 2026, and effective April 1. It replaced the words “fiduciary activities” in 12 CFR 5.20 with the statutory phrase “the operations of a trust company and activities related thereto.” In its bulletin on the rule, the OCC said the change clarifies the longstanding authority of national trust banks to engage in non-fiduciary activities and “would neither expand nor contract” its chartering authority.

The second is Interpretive Letter 1176 from January 2021, which the complaint says was written by Gould when he was the agency’s chief counsel. The ICBA argues that the letter took the position that the OCC could charter non-depository, non-fiduciary trust banks, and that it was issued without the notice and comment the APA requires.

The suit also asks the court to vacate the conditional approval of one applicant, Protego, which the complaint says the OCC granted in February 2026 over objections from commenters including the ICBA.

The ICBA’s argument

According to the complaint, the National Bank Act lets the OCC limit a charter to trust activities, but does not let it charter banks that are “neither depository nor fiduciary.” The group alleges the OCC has approved or conditionally approved 21 national trust banks under the current administration, at least 13 of them crypto companies. It also claims the rule is arbitrary and capricious because the agency did not meaningfully answer comments about risks to consumers and the financial system, and denied that it was changing its position.

“Congress did not create the national trust charter as a side door into the banking system for crypto firms,” ICBA President and CEO Rebeca Romero Rainey said in the group’s statement. These are the plaintiff’s allegations; no court has ruled on them.

Why the case matters for crypto charters

Many crypto applicants have pursued the federal route. In December 2025, the OCC conditionally approved five national trust bank charters on one day: de novo charters for First National Digital Currency Bank and Ripple National Trust Bank, and conversions from state trust companies for BitGo, Fidelity Digital Assets and Paxos.

The OCC anticipated a challenge of this kind. The final rule says that when a party with standing disputes whether a national trust charter is authorized by the National Bank Act, courts “must exercise their independent judgment” on whether the agency acted within its statutory authority. The ICBA’s complaint now asks a judge to do exactly that.

For firms choosing between a federal charter and a state one, the case adds a legal question to the comparison. New York’s own options, the BitLicense and the limited purpose trust charter, are explained in our guide to BitLicense vs trust charter, and the firms that hold them are listed in our NYDFS BitLicense list.

Questions readers ask

Which court is hearing the case?

The U.S. District Court for the District of Columbia, where the ICBA filed its complaint on October 2, 2026.

What does the ICBA want the court to do?

Find the OCC’s final rule and Interpretive Letter 1176 unlawful and set them aside, and vacate Protego’s conditional approval. The complaint also cites the court’s power to grant declaratory and injunctive relief. No ruling has been issued.

Does the case affect New York charters?

Not directly. The suit challenges the OCC’s federal chartering rule; the BitLicense and New York’s limited purpose trust charters are issued by the state’s Department of Financial Services.

Sources

Sources reviewed October 4, 2026.