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BTC 
ETH The Independent Community Bankers Association sued the Office of the Comptroller of the Currency to challenge the legality of cryptocurrency companies obtaining National Trust Bank licenses.
On Friday, the Independent Community Bankers Association (ICBA) filed a lawsuit against the Office of the Comptroller of the Currency (OCC) in the U.S. District Court for the District of Colombia, challenging the regulator's power to grant National Trust Bank licenses to cryptocurrency companies. In its complaint, the ICBA pointed out that the agency allowed digital asset companies to enter the banking system without requiring them to meet the security measures that community banks had to comply with, putting small lenders at a competitive disadvantage and creating what trade groups called "a huge loophole in financial regulation."
The core of the legal challenge
The lawsuit was filed in accordance with the Administrative Procedure Law. The core controversy lies in the final rule issued by the Office of the Comptroller of the Currency on March 2, 2026 and Interpretation Letter No. 1176. The ICBA asked the court to declare the rule and interpretation letter illegal on the grounds that the regulator "far exceeded its limited legal authority to grant trust bank licenses to engage in entrusted activities." The association argues that the rule allows entities engaged in "highly dangerous cryptocurrency and digital asset activities" to enter the banking system through national trust licenses rather than traditional banking licenses that are subject to more stringent regulation.
Protego Holdings becomes focus
The complaint specifically named digital asset company Protego Holdings., The company provides custody, trading, lending and issuance services. The ICBA asked the court to revoke the trust license it had conditionally approved. The complaint states that Protego laid off most of its employees in 2023 and faces vendor litigation for failing to pay bills. The lawsuit comes amid the Office of the Comptroller of the Currency Broader's push to open national banking licenses to digital asset companies, a trend that has also led to companies such as Bastion, Coinbase and Circle obtaining trust licenses.
Impact on community banks
ICBA Chairman and CEO Rebecca Romero Rainey said in a statement: "Congress did not create the National Trust License to provide a side door to the banking system for cryptocurrency companies seeking the credibility of a federal banking license." She added that digital assets held by cryptocurrency companies under national trust licenses "do not have these important safeguards," so the ICBA asked the court to return the Office of the Comptroller of the Currency to its legal authority. The ICBA also pointed out that the Office of the Comptroller of the Currency had never previously granted a national bank license that neither took deposits nor engaged in fiduciary activities. The Office of the Comptroller of the Currency said through a spokesperson that it would not comment on the lawsuit.
