Loading...
The Independent Community Bankers Association of America sued OCC in the Federal District Court for the District of Columbia on October 2, accusing OCC of exceeding the National Banking Act's authorization to issue a nationwide trust banking license to cryptocurrency companies, allowing them to obtain banking status without meeting equivalent capital, liquidity, regulatory, and FDIC deposit insurance requirements. At least 13 of the 21 trust banks approved during the Trump administration are cryptocurrency companies, involving companies such as Coinbase, Circle, Crypto.com, and World Liberty Financial. (Source: American Banker)