The Independent Community Bankers of America filed a lawsuit against the Office of the Comptroller of the Currency in a federal court in Washington, challenging the agency’s authority to grant national trust bank charters to cryptocurrency companies. The group seeks to void a final rule expected in March 2026 and Interpretive Letter No. 1176, as well as invalidate Protego Holdings’ conditional charter. The association accuses these charters of allowing cryptocurrency firms to gain federal bank credibility without FDIC insurance obligations, capital standards, and Community Reinvestment Act requirements. Companies like Circle, Ripple, Payward (Kraken’s parent), and World Liberty Financial are among those seeking such charters.
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