ICBA sues OCC, demanding revocation of crypto enterprise trust license rules

Independent Community Bankers of America is suing OCC in the United States District Court for the District of Columbia, questioning its authority to grant a National Trust Bank license to cryptocurrency companies and requesting the revocation of the final rule and explanatory letter No. 1176 dated March 2, 2026. Rebeca Romero Rainey stated that the relevant licenses enable cryptocurrency companies to obtain the credibility of a federal banking license without being required to comply with federal deposit insurance, capital and liquidity standards, and the requirements of the Community Reinvestment Act. ICBA requests revocation of Protego Holdings' conditional license. The lawsuit involves companies such as Circle, Ripple, Paxos, Fidelity, BitGo, Payward, Block, and World Liberty Financial. Elizabeth Warren accuses the relevant approvals of violating regulations, and OCC plans to complete the GENIUS Act stablecoin rules by November.