Crypto Firms Seek OCC Charters Even As ICBA Challenges Agency In Court
By CU Today Staff —
WASHINGTON—Crypto and payments companies continue lining up for national trust bank charters even as community bankers challenge the Office of the Comptroller of the Currency’s authority to grant such charters.
Stablecoin payments company Rain said Oct. 5 it has applied to establish Rain National Trust Bank, a proposed New York-based institution that would provide digital-asset custody, stablecoin reserve management and stablecoin issuance and redemption under federal supervision.
Modern Treasury also announced Oct. 5 that it has applied to establish Modern Treasury National Trust Bank. If approved, the limited-purpose institution would provide federally supervised digital asset custody and related fiat services, allowing customers to custody and move stablecoins and traditional currency through an integrated platform. Modern Treasury said the proposed bank would not make loans or issue stablecoins.
The applications come just days after the Independent Community Bankers of America sued the OCC in U.S. District Court for the District of Columbia, arguing the agency has exceeded its authority by allowing crypto-oriented companies to obtain national trust bank charters and conduct substantial non-fiduciary activities without many of the regulatory requirements imposed on traditional banks. The Oct. 2 lawsuit asks the court to invalidate the OCC’s March 2026 chartering rule and related guidance and to vacate the conditional national trust bank charter granted to digital asset company Protego.
Originally reported by CU Today.