US Bank Lobby Weighs Lawsuit Over OCC’s Granting of Trust Charters to Crypto Firms
By [Your Name] – March 10 2026
A coalition of the nation’s largest banks, organized through the Bank Policy Institute (BPI), is reportedly contemplating legal action against the Office of the Comptroller of the Currency (OCC) over the regulator’s recent practice of awarding national trust bank charters to a growing roster of cryptocurrency‑related companies.
What sparked the possible lawsuit?
According to reporting by The Guardian, BPI insiders are evaluating whether to bring a suit that would challenge the OCC’s authority to extend federal banking charters to firms operating primarily in the digital‑asset space. The move would mark a direct confrontation between the traditional banking lobby and a regulator that has, under Comptroller Jonathan Gould, accelerated the issuance of “trust” charters to crypto and fintech firms.
The charter pipeline
Since the OCC’s December 2025 decision to grant conditional national trust bank charters to several crypto‑focused entities—among them BitGo, Ripple and Paxos—the pace has quickened. In the weeks that followed, Crypto.com secured conditional approval for its own National Trust Bank, while Revolut and Zerohash, both with significant cryptocurrency services, filed charter applications in early March.
These charters allow firms to offer banking‑like products—such as custodial services, interest‑bearing accounts and payment processing—while operating under a regulatory framework that differs from the oversight applied to traditional depository institutions.
Why banks are objecting
BPI members, which include Bank of America, Citi, Goldman Sachs, Wells Fargo, HSBC, Santander and others, argue that the OCC’s approach creates an uneven playing field. Their contention is that crypto firms receive a form of federal approval for activities that traditionally fall under the stringent supervision, capital requirements, and consumer‑protection regimes imposed on conventional banks.
“The competitive dynamics are shifting in a way that bypasses the safeguards built into the banking system,” said an anonymous source familiar with the lobbying effort. “If crypto firms can sidestep key regulatory hurdles, it threatens both market stability and the business models of legacy banks.”
The regulatory backdrop
The dispute unfolds amid a broader legislative push on Capitol Hill. Lawmakers are deliberating the “Clear Act” (formerly CLARITY Act), a comprehensive bill aimed at clarifying the regulatory treatment of stablecoins and other crypto assets. JPMorgan Chase CEO Jamie Dimon, who sits on BPI’s board, has publicly warned that stablecoin issuers offering interest on customer balances should be subject to the same rules that apply to traditional lenders—a stance that has become a sticking point in Senate negotiations.
Potential implications
If BPI proceeds with a lawsuit, the case could force the OCC to reevaluate its charter‑granting process or clarify the extent of its authority. A court‑ordered halt or reversal of existing charters would have immediate operational consequences for crypto firms that have built services around the trust‑bank model. Conversely, a ruling in favor of the OCC could cement a regulatory pathway for digital‑asset companies to compete more directly with banks.
The outcome may also influence the pending Clear Act. A judicial decision that curtails the OCC’s charter authority could spur Congress to legislate a more uniform framework for crypto‑banking activities, potentially imposing tighter capital and consumer‑protection standards on the sector.
Key takeaways
- BPI is considering legal action against the OCC for granting national trust charters to crypto and fintech firms, citing competitive fairness concerns.
- The OCC, under Comptroller Jonathan Gould, has accelerated the issuance of conditional charters to firms such as BitGo, Ripple, Paxos, Crypto.com, Revolut and Zerohash.
- Bank members argue that these charters allow crypto firms to operate with fewer supervisory constraints than traditional banks.
- The dispute coincides with congressional deliberations on the Clear Act, which seeks to harmonize regulatory treatment of stablecoins and other digital assets.
- A lawsuit could reshape the regulatory landscape for crypto‑banking, either by limiting the OCC’s charter authority or by prompting legislative action to establish clearer rules.
As the banking lobby’s next steps become clearer, the crypto industry will be watching closely for any legal or regulatory shifts that could affect its ability to offer bank‑like services within the United States.
This article was prepared with the assistance of AI‑driven editorial tools.
Source: https://thedefiant.io/news/regulation/bpi-considers-suing-occ-over-crypto-treatment
