The Crypto Council for Innovation (CCI) has backed the OCC’s decision to approve national trust charters for cryptocurrency companies, calling the lawsuit filed by the Independent Community Bankers of America (ICBA) an attempt to stifle innovation. The ICBA filed the lawsuit in the US District Court for the District of Columbia, alleging that the OCC approved charters without sufficient safeguards or compliance with requirements normally applied to banks. Among the companies that received approvals or conditional approvals are World Liberty Financial, Circle, Ripple, Fidelity Digital Assets, BitGo, and Paxos. The ICBA criticized these companies for seeking to evade Community Reinvestment Act obligations, consolidated supervision, capital and liquidity standards, and FDIC insurance.
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