The Independent Community Bankers of America sued the OCC in federal court in Washington on October 2, challenging the legal basis for national trust bank charters granted to crypto companies. The banking association argues the agency exceeded its authority by widening limited-purpose trust charters for fintech and crypto firms. The OCC has approved or conditionally approved 21 trust banks, 13 of which are tied to crypto. If the court sides with the OCC, the market for custody and stablecoin infrastructure services could reach $500 billion to $4 trillion by 2028-2030, according to projections from JPMorgan, Coinbase, Standard Chartered and Citi.
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