The Independent Community Bankers of America (ICBA), representing community banks with under $10 billion in assets, has filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in federal court in Washington. The organization accuses the banking regulator of granting National Trust Bank licenses to crypto companies such as Coinbase, Circle, and World Liberty Financial without imposing the same constraints as traditional banking institutions. The ICBA is asking the courts to challenge the framework used by the OCC to issue these licenses, arguing it creates a “back door” to the federal banking system. World Liberty Financial, partially owned by Donald Trump and his family, is among the latest companies whose license application was approved by the OCC. The Bank Policy Institute and Senator Elizabeth Warren have also condemned this strategy of accessing the banking system by crypto companies.
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