Haberler

A legal dispute is brewing in the United States that could change the position of crypto firms in the banking sector. The Association of Independent Banks of America (ICBA) has filed a lawsuit in the Federal Court of the District of Columbia against the Office of the Comptroller of the Currency (OCC). The organization disputes the regulator's right to issue licenses to national trust banks to crypto companies. The ICBA insists on reviewing such practices and revoking permits that have already been issued.

The essence of the claim is that the OCC, according to ICBA, goes beyond the powers prescribed in the Law on National Banks. The trust license allows crypto firms to store digital assets, manage stablecoin reserves, and conduct trading operations. However, they cannot accept deposits or issue loans. ICBA believes that even this status creates unequal conditions, as crypto companies gain access to banking activities without meeting the requirements required for insured commercial banks.

The head of the ICBA, Rebeca Romero Rainey, said that the OCC exceeded its authority. In her opinion, the trust license becomes a loophole to enter the banking market without following strict rules. The regulation of trust banks is much more relaxed, which allows risky crypto firms to operate as banks without a full package of obligations. Rainey stressed that OCC had not previously issued licenses to such organizations, and now the situation is changing. She also noted that clients of crypto companies are not protected by the FDIC to the same extent as depositors of traditional banks.

The ICBA requires the court to order the OCC to comply with legal restrictions. Licenses should be issued only to those who are willing to work according to the standards of commercial banks. Separately, the association asks to revoke the license from Protego Holdings, which has faced cuts and lawsuits. The ICBA's victory will force crypto firms to either comply with full banking requirements or seek other legal forms. If the OCC defends its position, a separate class of trust cryptobanks with special rules will gain a foothold in the United States.