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 a number of crypto-focused firms, calling a recent lawsuit filed by the Independent Community Bankers of America (ICBA) an effort to impede financial-service innovation.
OCC’s national trust charter program
The OCC, under its current leadership, has moved to extend federal banking charters to non-bank entities that meet certain criteria. These charters, known as national trust charters, allow companies to operate under a regulatory framework similar to that of traditional banks while focusing on custodial and payment services. The agency has either approved or provisionally approved applications from a range of crypto-related businesses, signaling a broader regulatory openness to digital-asset services.
ICBA’s legal challenge
The ICBA lodged a complaint in the U.S. District Court for the District of Columbia, asserting that the OCC granted these charters without applying the typical safeguards required of depository institutions. The association’s president highlighted concerns that the charter structure could serve as a “side door” for crypto firms to obtain the prestige of a federal charter while sidestepping obligations such as the Community Reinvestment Act, consolidated supervision, capital and liquidity standards, and FDIC insurance.
CCI’s counter-argument
CCI chief executive Ji Hun Kim described the lawsuit as a clear attempt to resist the growth of national trust charters, payment-system innovation, and competition within the financial sector. The advocacy group emphasized that the OCC’s approvals are consistent with the agency’s mandate to foster responsible innovation and that the charter framework already incorporates oversight mechanisms tailored to the unique risks of crypto-related activities.
Companies receiving charters
Among the entities approved or conditionally approved are World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo and Paxos. These firms span a spectrum of services, from stablecoin issuance to digital-asset custody and trading platforms. Their inclusion under the national trust charter reflects the OCC’s intent to integrate a variety of crypto-focused businesses into the regulated financial system.
Political backdrop
The OCC’s charter approvals date back to the administration of former President Donald Trump, during which several of the applications were processed. The appointment of Jonathan Gould, a Trump-era selection, as OCC head in July 2025 has drawn scrutiny from lawmakers who question the potential for regulatory capture, especially given the Trump family’s historical ties to World Liberty Financial.
Why it matters
The dispute underscores a growing tension between traditional banking advocates and the emerging crypto-services sector. How courts interpret the ICBA’s claims could shape the future of regulatory pathways for digital-asset firms, influencing the extent to which such companies can operate under a federal charter while adhering to banking-industry standards. The outcome may also affect the broader conversation about the balance between fostering innovation and maintaining systemic safety in the United States’ financial system.
