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Community bankers sue US regulator over crypto trust charters

The Independent Community Bankers of America has filed a lawsuit to overturn a federal rule that allows cryptocurrency firms to obtain national trust bank charters.

FTMQ News, written by our newsroom0 views

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The Independent Community Bankers of America sued the Office of the Comptroller of the Currency in a Washington federal court on Oct. 2, CryptoSlate reported. The lawsuit challenges a rule used by cryptocurrency companies to secure national trust bank charters. [1]

According to CryptoSlate, citing American Banker, the complaint asks the court to vacate the OCC national trust bank rule and Interpretive Letter 1176. The trade group argued that the agency exceeded its authority by broadening limited purpose trust charters. [1]

CryptoSlate reported that the legal action came two weeks after the OCC approved Agora National Trust Bank, Catena Trust Bank, and Bastion Platforms. Community bankers are seeking to unwind the rule behind a push involving 21 bank trust charters, which includes 13 crypto firms. [1]

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In short

  • The Independent Community Bankers of America sued the OCC in federal court on Oct. 2.
  • The lawsuit aims to unwind a rule utilized in a push for 21 trust charters, including 13 crypto firms.
  • The complaint asks the court to vacate the OCC national trust bank rule and Interpretive Letter 1176.

Sources

Every paragraph above points to the numbered items it rests on. Read the originals here.

  1. [1]Bankers sue to overturn OCC trust-bank rule used by crypto firmsCryptoSlate, 3h ago (the report this story comes from)
  2. [2]Community Bankers Challenge OCC's Crypto Trust Charter Authoritytokenpost.com, 1d ago

Background

  1. [3]English trust law on Wikipedia

Our newsroom writes these reports with the help of software, from the 3 sources listed and nothing else, and checks them against those sources. Facts can still be wrong or move on; the originals are the record. Spotted a mistake? Write to daniel@monsterkong.com.

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